Yesterday afternoon while I was contemplating the reasons for wacky Treasury & MBS yield Spreads, HUD Secretary Alphonso Jackson was Stumping in Los Angeles and announced that the NEW HUD LIMITS for FHA are HERE!
You'll want to click here to find out what your county looks like. Much of California is now going to be permitted to fund FHA loans to $729,750. That there is alot of loan.
SO: THE BIG QUESTION IS WHEN, DAMN IT?!
Well, just because HUD has increased the limits doesn't mean we can all run out and start funding these deals.
FHA is just the insurance program. These loans still need to get pooled, securitized and sold.
We are waiting to see what underwriting changes may or may not happen.
What Price adjustments may or may not happen.
And also and this is a huge part: When Total ScoreCard,
the near and dear AUS for FHA will be updated to reflect these loan limit changes.
I've posted and Excel Spreadsheet on Education Station.
It's a copy of the information from the link posted above.
And don't worry, I will be sure to inform you just as soon as I know that we'll be funding these deals.

You've probably read some or all of what I've had to say over the last couple of months but if you haven't you can keep abreast of the change(s) and my commentary on my Blog Here:

Other Updates: Posted Here on Education Station:

With our Turn times at Just 2-3 Days and pricing as hot as it is you can't go wrong!