There’s a cool map offered up by the NY Fed that gives statistics on all different aspects of loans issued in metropolitan areas across the U.S.  Check it out here - Dynamic Map.

Since we last posted, FHA loan limits have been giving a temporary push to $729,000 in some areas.  FHA continues to grow in its usefulness for homebuyers and existing homeowners alike.

The FHA is working to change the guidelines of the Real Estate Settlement Procedures Act in order to force lenders to make more comprehensive Good Faith Estimates for borrowers.  Concerned consumers may want to know more about this issue or voice their opinion either way on what they think about this new proposal from the FHA.

To give your opinion on this FHA proposal or make comments you should:

•    Go to Regulations.gov which is the Federal eRulemaking portal.  Here you can make comments that will be posted and read the comments of others so that you can better understand the components of the proposal.
•    Send your comments by mail.  You can send your comments through the traditional mail system by writing to:

The Regulations Division
Office of General Counsel
Department of Housing and Urban Development
451 Seventh Street SW, Room 10276
Washington DC 20410-0001

•    When you are posting or mailing comments you must refer to the following:

[Docket No. FR–5180–P–01]
RIN 2502–AI61
Real Estate Settlement Procedures Act
(RESPA): Proposed Rule To Simplify
and Improve the Process of Obtaining
Mortgages and Reduce Consumer
Settlement Costs

If you want more information on the new proposal by HUD and the FHA go here.

On Tuesday President Bush signed a $168 billion economic stimulus package intended to provide “booster shot” for the economy. Included in the plan are approximately $117 billion in rebate checks and tax breaks for businesses as well as an increase in the FHA loan limit.

The increase in the loan limit is meant to help the sagging subprime housing market, which has taken substantial hits in recent months due to the fallout of predatory lending practices of many lenders. By increasing the loan limit FHA loans become a viable option for potential borrowers in high cost areas.

Previous to the bill’s signing the FHA loan limit was around $200,000 to $360,000 depending on the area. Now borrowers in high cost areas will be able to take advantage of FHA loans as high as $729,750, a substantial increase. Rebate checks are expected to begin being sent in May in order to boost third and fourth quarter spending.

Rebates will be as high as $600 slightly less for those making more than $75,000 a year.