Yesterday, the U.S. Department of Housing and Urban Development published Mortgagee Letter 2007-01, which announces the county FHA lending limits for 2007 and updates the procedures by which you can seek an increase in your county limit from the regional Homeownership Center.

As NRMLA previously reported, the ceiling limit will remain at its present value of $362,790 and the floor at $200,162. For Alaska, Hawaii, Guam and the U.S. Virgin Islands the single-family limit will remain at $544,185 (150 percent of the ceiling limit).

A list of counties with limits above the floor will be posted at a later date or you can call 1-888-973-8377 to verify limits in your area.

Any interested party may submit a request to HUD for the mortgage limits to be increased in a particular county. HUD will not consider requests for geographical areas smaller than a county. The local FHA Homeownership Center will verify the housing sales data, review the request for compliance with Departmental requirements, and revise the limits, as appropriate. A listing of FHA Homeownership Center addresses and the states they serve can be found at: http://www.hud.gov/offices/hsg/sfh/hoc/hsghocs.cfm. Any request for an increase must be accompanied by sufficient housing price data to justify higher limits.

For more information, please view the attached copy of Mortgagee Letter 2007-1.

ReverseMortgageNation.com is a Reverse Mortgage Lender and is a member of the NRMLA. We will continue to provide Reverse Mortgage related news and information.

This entry was posted on Saturday, January 6th, 2007 at 11:51 am and is filed under Reverse Mortgage News. You can follow any responses to this entry through the RSS 2.0 feed. You can leave a response, or trackback from your own site.