Higher FHA Loan Limits for Homes in Select Cities and Counties.
This act increases the maximum mortgage amounts insured by the FHA, especially in cities and counties where home prices are high or have previously decreased. This aims to make homeownership more accessible for more people, particularly in more expensive areas. The changes will apply to mortgages with case numbers assigned on or after January 1, 2023.
Key points
Increased maximum FHA loan amounts available for home purchases, especially in high-cost housing areas.
New rules apply to cities and counties meeting specific criteria related to home prices and past price changes.
Introduction of a counseling requirement for some first-time homebuyers if their loan exceeds 97% of the property's appraised value.
Possibility to increase the loan amount by 20% to cover the costs of installing solar energy systems.
Status:
Expired
Civic Will
Why does your vote on bills matter?
It creates raw, undeniable proof. Civic Will provides the permanent data to verify the Government's loyalty towards its citizens
(explained here).
Start recording it now.