According to the FHFA News Release  11/28/2017

FHFA Announces Maximum Conforming Loan Limits For 2018 

Fannie Mae and Freddie Mac Baseline Limit Will Increase to $453,100         

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Washington, D.C. – The Federal Housing Finance Agency (FHFA) today announced the maximum conforming loan limits for mortgages to be acquired by Fannie Mae and Freddie Mac in 2018. In most of the U.S., the 2018 maximum conforming loan limit for one-unit properties will be $453,100, an increase from $424,100 in 2017. 

Baseline limit

The Housing and Economic Recovery Act (HERA) requires that the baseline conforming loan limit be adjusted each year for Fannie Mae and Freddie Mac to reflect the change in the average U.S. home price.  Earlier today, FHFA published its third quarter 2017 House Price Index (HPI) report, which includes estimates for the increase in the average U.S. home value over the last four quarters.  According to FHFA's seasonally adjusted, expanded-data HPI, house prices increased 6.8 percent, on average, between the third quarters of 2016 and 2017.  Therefore, the baseline maximum conforming loan limit in 2018 will increase by the same percentage. 

High-cost area limits

For areas in which 115 percent of the local median home value exceeds the baseline conforming loan limit the maximum loan limit will be higher than the baseline loan limit.  HERA establishes the maximum loan limit in those areas as a multiple of the area median home value, while setting a "ceiling" on that limit of 150 percent of the baseline loan limit.  Median home values generally increased in high-cost areas in 2017, driving up the maximum loan limits in many areas.  The new ceiling loan limit for one-unit properties in most high-cost areas will be $679,650 — or 150 percent of $453,100. 

Special statutory provisions establish different loan limit calculations for Alaska, Hawaii, Guam, and the U.S. Virgin Islands.  In these areas, the baseline loan limit will be $679,650 for one-unit properties, but loan limits may be higher in some specific locations.

As a result of generally rising home values, the increase in the baseline loan limit, and the increase in the ceiling loan limit, the maximum conforming loan limit will be higher in 2018 in all but 71 counties or county equivalents in the U.S.   

Questions about the 2018 conforming loan limits can be addressed to LoanLimitQuestions@fhfa.gov.

 

Please call me and let's begin the home buying process today!

Kim Duclos 702-521-3939

www.callkim.net

 

HUD Announces New FHA Guidelines to go into Effect January 1, 2014

 

 

 

FHA Loan Limits are decreasing from $400,000.00 to $287,500.00 in Clark County as on January 1, 2014.

 

Any buyers over this amount need to have the property under contract and the case number ordered before 12/31/2013.  Act Now!

If you are a  buyer and are on the fence about purchasing,  please know now is the time to get off the fence, move forward, and get a case number assigned to your file before the end of the year! If your are an FHA buyer over $287,500 touch base with me (702) 521-3939 so we can move quickly with your approval and your options.

 

Find a house with your mouse at www.callkim.net

 

Happy New Year!

Kim Duclos

Wardley Real Estate

(702) 521-3939

 

CLARIFICATION OF THE NEW RESPA ACT

Are you in the market for a new home? Thinking of obtaining a mortage on that purchase? It is imperitive to work with a lender that can accomplish your goals while providing the best and honest service with competitive rates. Call me and we can get the process started! Some new changes in Lending provided below.

http://www.hud.gov/offices/hsg/ramh/res/respa_hm.cfm

Recent changes in the Truth in Lending laws as of 7/30/09

CLARIFICATION OF NEW RESPA ACT

Changes to the Truth in Lending Act: What You Need to Know!
Regulation Z of The Truth in Lending Act (TILA) has undergone important changes that you need to know about in order to set expectations when looking for a loan. These changes take effect for all new applications taken on July 30, 2009 and after, apply to ALL types of mortgage loans (except investor loans and HELOC's) and could impact the overall time line of the mortgage process.

Here are four key parts you need to know:

Initial Disclosures: Under the new rules, initial disclosures must be provided to the borrower for all loans within three (3) business days of when an application is taken.

Initial disclosures include: the Good Faith Estimate (GFE), Truth in Lending Statement (TIL).
Collection of Up-front Fees: The new regulations prohibit lenders from ordering and collecting many up-front fees (ie: appraisal) prior to the new waiting period.

If the loan application is face-to-face, there is no waiting period.

Otherwise lenders have a 3 day waiting period before fee services can be ordered.

TBD properties: Are not considered actual applications per RESPA - once a property is identified and application is made - the waiting period would start from that day. So, if we did a pre-qual for someone today and a week later the property is identified, the disclosures would need to be signed and/or mailed on that day, and the waiting period begins.

Re-disclosures: If there are changes to a borrower's Annual Percentage Rate (APR) that INCREASES more than .125%, the lender must re-disclose to the borrower, and the 3 day waiting period starts over again.

Timing of Loan Closings: Business days are considered Monday-Saturday excluding legal public holidays. Closings cannot be scheduled until at least seven (7) business days after the initial disclosures are received by the borrower. If re-disclosures are needed because of changes to the loan program, terms or APR, the loan closing cannot be scheduled until after the re-disclosures are received by the borrower.

Please contact me for all of your real estate needs @ (702) 521-3939

Kim Duclos - Coldwell Banker Wardley