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Home Loan Limits Raised in Over 3,000 U.S. Counties

December 14th, 2018 Comments off

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The Federal Housing Administration (FHA) announced late today that loans limits for 2019 will be raised for most part of the nation.

 

As manufactured housing industry veterans know, qualifying placements can allow a HUD Code home, or a modular home, to be financed with FHA insurance on the loan.

The increases are for both regular – forward mortgages, and also for HECM or so-called ‘reverse’ mortgages too.  The full HUD/FHA statement to the Daily Business News on MHProNews is as follows.

For additional details, industry professionals should contact an FHA approved lender conversant with manufactured home financing.

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HUD ANNOUNCES NEW FHA LOAN LIMITS FOR 2019

Loan limits to increase in more than 3,000 counties

 

WASHINGTON – The Federal Housing Administration (FHA) today announced the agency’s new schedule of loan limits for 2019, with most areas in the country to experience an increase in loan limits in the coming year. These loan limits are effective for FHA case numbers assigned on or after January 1, 2019.

 

 

FHA is required by the National Housing Act, as amended by the Housing and Economic Recovery Act of 2008 (HERA), to set Single Family forward loan limits at 115 percent of median house prices, subject to a floor and a ceiling on the limits. FHA calculates forward mortgage limits by Metropolitan Statistical Area and county.

 

In high-cost areas of the country, FHA’s loan limit ceiling will increase to $726,525 from $679,650. FHA will also increase its floor to $314,827 from $294,515. Additionally, the National Mortgage Limit for FHA-insured Home Equity Conversion Mortgages (HECMs), or reverse mortgages, will increase to $726,525 from $679,650. FHA’s current regulations implementing the National Housing Act’s HECM limits do not allow loan limits for reverse mortgages to vary by MSA or county; instead, the single limit applies to all mortgages regardless of where the property is located.

 

Due to robust increases in median housing prices and required changes to FHA’s floor and ceiling limits, which are tied to the Federal Housing Finance Agency (FHFA)’s increase in the conventional mortgage loan limit for 2019, the maximum loan limits for FHA forward mortgages will rise in 3,053 counties. In 181 counties, FHA’s loan limits will remain unchanged. By statute, the median home price for a Metropolitan Statistical Area (MSA) is based on the county within the MSA having the highest median price. It has been HUD’s long-standing practice to utilize the highest median price point for any year since the enactment of the Housing and Economic Recovery Act (HERA).

 

The National Housing Act, as amended by HERA, requires FHA to establish its floor and ceiling loan limits based on the loan limit set by FHFA for conventional mortgages owned or guaranteed by Fannie Mae and Freddie Mac. FHA’s 2019 minimum national loan limit, or floor, of $314,827 is set at 65 percent of the national conforming loan limit of $484,350. This floor applies to those areas where 115 percent of the median home price is less than the floor limit.

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Any areas where the loan limit exceeds this ‘floor’ is considered a high-cost area, and HERA requires FHA to set its maximum loan limit ‘ceiling’ for high-cost areas at 150 percent ($726,525) of the national conforming limit. 

Based upon the volume of FHA endorsements in FY 2018, the following chart represents the number and share of counties where FHA loan limits are at the ceiling, floor and somewhere in between.

To find a complete list of FHA loan limits, areas at the FHA ceiling, areas between the floor and the ceiling, as well as a list of areas with loan limit increases, visit FHA’s Loan Limits Page

 

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Housing Starts and Building Permits Decline in June

July 18th, 2014 Comments off

Single and multifamily housing starts plummeted 29.6 percent in the South, the nation’s largest region, for June, according to figures released by the Dept. of Housing and Urban Development (HUD) and the Census Bureau, bringing down the national average to minus 9.3 percent. The other three regions of the country all posted gains– the Northeast increased 14.1 percent, the Midwest was up 28.1 percent, and the West rose 2.6 percent—as the seasonally-adjusted annual rate hit just 893,000. The National Association of Home Builders (NAHB) further tells MHProNews single-family housing starts were down to 575,000 units in June, while multifamily production fell 9.9 percent to 318,000 units. Building permits for June fell 4.2 percent to a seasonally-adjusted annual rate of 963,000 units, of which multifamily permits comprised 332,000, registering a 14,9 percent drop, while single-family permits gained 2.6 percent to 631,000 units.##

(Image credit: housingwire.com)

Residential Building Rises in 2013

January 21st, 2014 Comments off

Despite single-family housing starts falling seven percent in December, 2013 from November’s surge of 16 percent, when builders were scurrying to put foundations in the ground before the freeze set in, housing starts for the year were up 15 percent over 2012. The Census Bureau informs MHProNews multifamily starts, which also fell in December—minus 18 percent over November—rose 25 percent over 2012. According to nationalmortgagenews, economists at IHS Global Insight say while builders began 923,400 homes and apartments in 2013, “They completed only 762,000 homes—the fifth lowest on record (data started in 1968), and not even half of what we judge to be normal.”

(Photo credit: Fotosearch)

Building Permits Surpass One Million

November 26th, 2013 Comments off

The National Association of Home Builders (NAHB) reports the issuance of new building permits rose 6.2 percent in Oct. to a seasonally adjusted annual rate of 1,034 million units, an increase over Sept.’s 5.2 percent rise to 974,000 units. Of this, multifamily rose 15.3 percent to 414,000 units, while on the single-family side the increase was 0.8 percent to 620,000 units. NAHB senior economist Robert Denk said, “Permits are often a harbinger of future housing activity and the strong showing in the multifamily sector along with stable numbers on the single-family side bode well for a continuing, gradual upturn in housing over the coming months. But consumer and builder confidence could be seriously undermined unless policymakers make progress over looming budget, tax and economic policy issues in the weeks and months ahead.” As MHProNews understands, census figures concerning housing starts in Sept. and Oct. have been delayed until Dec. 18 due to the government shutdown.

(Photo credit: Sue Orgocki/Associated Press)

Bender MH community sells to developer

September 27th, 2011 Comments off

Bender_MH_community_location,_Ft_Collins_CO_google_mapsColorodoan reports that Bender Mobile Home Park has sold to a developer who plans to redevelop the location as single family housing. Located at 912 Wood Street in Fort Collins, CO, the property has 16.7 acres, some two dozen factory built homes and some site built housing structures on it already. Developer Gino Campana traded other property he owns to the Howard E. Bender Revocable Trust, owner of the Bender MHP. Campana said he is working with the city and their resources to help relocate the residents, many of whom have lived their for decades. Residents have been notified they have roughly six months to move.

(Graphic credit: Google Maps)