DITTO

The stimulus bill also raised the limit on “reverse” or Home Equity Conversion mortgage from $417,000 to $625,500.  Until April 30th, 2009, FHA will allow HECMs that received case number assignments but didn’t close prior to the effective date of this mortgagee letter to be closed using either the old limit that was used to originally calculate the loan, or the new limits.

This entry was posted on Thursday, May 21st, 2009 at 9:25 pm and is filed under goverment.