FHA Financing Helped in American Recovery & Reinvestment Act

The American Recovery and Reinvestment Act provides additional provisions:

FHA Mortgage Loan Limits – FHA home loan amount limits will be raised to $729,750 for homes in high-cost areas. Areas with higher-valued homes will enjoy the many benefits of a FHA mortgage, such as low rates and easier qualification standards. The bill reinstates 2008 FHA loan limits, with a maximum cap of $729,750. The bill also provides the option, if warranted, to increase loan limits for any “sub-area”, i.e.an area smaller than a county. These limits will expire December 31, 2009.

Home Ownership Tax Credit – A non-refundable tax credit of up to $8,000 will be available for buyers who purchase a home this year–before December 1, 2009–and who have not bought a house in the previous 3 years. This tax credit amount is based on 10-percent of the home’s purchase price, up to $8,000. To qualify, homeowners must keep their home for at least 3 years.

Simplified Mortgage Refinancing – Borrowers with less than a 20% equity stake in a traditional loan guaranteed by Fannie Mae or Freddie Mac (commonly referred to as “conforming” loans) may now refinance to up to 95% of their home’s market value without purchasing private mortgage insurance, which typically can increase monthly payments by hundreds of dollars.

Neighborhood Stabilization – $2 billion in additional funding is also made available to create the Neighborhood Stabilization Program (NSP) to address the problems facing whole neighborhoods that are decimated by foreclosures. Funds can be used to purchase, manage, repair and resell foreclosed and abandoned properties. States and localities can also use these funds to establish home financing methods for purchasing and redeveloping foreclosed properties.

Reverse Mortgages – Mortgage loan limits on Home Equity Conversion Mortgage (HECM) – or “reverse mortgage” loans will increase to $625,500 until the end of 2009. Current limits, which mirror conforming loan limits, will be raised to open up reverse mortgage options for many seniors who may want to rely on home equity as a stable source of income.

Low Income Housing – States will receive financing for construction and rehabilitation of low-income housing.

Rural Housing Programs – 100% home financing will be made available for rural housing loan programs.

Energy Efficiency Benefits – Tax credits for energy-efficient upgrades will be extended through 2010.

Foreclosure Protection – $75 billion program will be established to subsidize mortgage loan modifications for participating mortgage lenders to assist many distressed homeowners facing foreclosure.

“FHA mortgage rates are still at historically low levels and this is still a great time to refinance,” says Isaacs. “However, there has been much talk that banks and lenders will make it harder for borrowers to qualify for loans for both new and refinanced home loans, especially for borrowers with less than perfect credit scores. I urge people considering a new home loan, mortgage refinancing of an existing loan or a loan modification to move quickly to lock in their best loan rate and options.”

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