FHA Announces New Loan Limits to Take Effect January 1st, 2016

188 Counties FHA Loan Limits rose from the 2015 Limit

WASHINGTON – The Federal Housing Administration (FHA) today announced the agency’s new schedule of loan limits for 2016.

These loan limits are effective for case numbers assigned on or after January 1, 2016, and will remain in effect through the end of the year. Read FHA’s mortgagee letters (for forward and reverse mortgage programs).

Due to changes in housing prices, the maximum loan limits for forward mortgages increased in 188 counties.

There were no areas with a decrease in the maximum loan limits for forward mortgages.

Each year, FHA recalculates its loan limits based on 115 % of the median house price in the area.

For counties, or equivalent, located in Metropolitan Statistical Areas (MSAs) the limit for all areas in the MSA is calculated based on the highest cost county.

There is no change to the FHA national loan limit “ceiling” which remains at $625,500 and the “floor” which remains at $271,050.

FHA’s minimum national loan limit “floor” is set at 65 percent of the national conforming loan limit of $417,000.

The floor applies to those areas where 115 percent of the median home price is less than 65 percent of the national conforming loan limit. […] Continue reading

 

HUD-VASH Vouchers to Help Homeless Veterans Find Permanent Homes

HUD and VA Team Up to Help Homeless Veterans Find Permanent Homes

HUD-VASH vouchers build on national effort to end veteran homelessness

WASHINGTON – The U.S. Department of Housing and Urban Development (HUD) and the U.S. Department of Veterans Affairs (VA) today announced a nearly $12 million to 79 local public housing agencies across the country to provide a permanent home to veterans experiencing homelessness.

The supportive housing assistance announced today is provided through the HUD-Veterans Affairs Supportive Housing (HUD-VASH) program which combines rental assistance from HUD with case management and clinical services provided by VA.

HUD is providing $6.4 million to 27 local Public Housing Agencies (PHAs) to provide permanent supportive housing to an estimated 821 Veterans.

These vouchers are being awarded through the HUD-VASH Project-based Voucher Set-Aside competition, announced in June 2015.

These PBVS will enable homeless veterans and their families to access affordable housing with an array of supportive services.

HUD is also providing 52 PHAs with a total of $5.4 million Extraordinary Administrative Fees (EAF) to support their HUD-VASH programs and reduce the amount of time that it takes for a Veteran to locate and move into permanent housing. […] Continue reading