With the new HECM loan limits “target date” of November 1st rapidly approaching, I’m starting to think the Mortgagee Letters are just a couple days away. HUD has already updated FHA Connection and their website to reflect the new nationwide loan limit of $417,000, so we have got to be close.
If you head over to HUD’s FHA Mortgage Limits page and search for what the HECM loan limits are, $417,000 comes up. HUD updated the website on 10/13/08 so call me crazy but it looks like the target date of November 1st might actually happen….
NRMLA did report that the Office of Single Family Housing was drafting the Mortgagee Letters (one for loan limits and one for origination fee caps) last week so maybe we will see them in the next week?