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Higher FHA loan limits and reverse mortgages!

  The Federal Housing Administration (FHA) increased lending limits effective January 1, 2018. As a result, the nationwide lending limit for reverse mortgages increased to $679,650, up from $636,150, an increase of about 7%. While certainly a welcome development, this increase only partially offsets the approximately 15% reduction in benefits that accompanied the new fee structure implemented October 2, 2017. There is a lot of confusion out there about FHA loan limits as they relate to reverse mortgages. Here are some common questions: Question 1: Don’t FHA lending limits vary...

February 20th, 2018 | , What the HECM, Reverse Mortgage, Higher FHA loan limits and reverse mortgages!

Holmgren and Associates

DBA of Finance of America
4200 Broadway
Oakland, California 94611
Phone: 510-339-2121
NMLS 0910184/1071
 

Holmgren & Associates is a branch of Finance of America. We are a full service mortgage banker with an experienced staff offering expertise in residential mortgage lending, with primary focus on loans for home purchase, refinance, and reverse mortgages.

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©2019 Holmgren & Associates is a division of Finance of America Mortgage LLC |Equal Housing Opportunity | NMLS ID #1071 (www.nmlsconsumeraccess.org)| 300 Welsh Road, Building 5, Horsham, PA 19044 | (800) 355-5698 | Licensed by the Department of Business Oversight under the California Residential Mortgage Lending Act
Questions, comments, concerns? Send to customerrelations@financeofamerica.com 

This is not a commitment to lend. Prices, guidelines and minimum requirements are subject to change without notice. Some products may not be available in all states.  Subject to review of credit and/or collateral; not all applicants will qualify for financing. It is important to make an informed decision when selecting and using a loan product; make sure to compare loan types when making a financing decision.  Any materials were not provided by HUD or FHA. It has not been approved by FHA or any Government Agency.  A preapproval is not a loan approval, rate lock, guarantee or commitment to lend. An underwriter must review and approve a complete loan application after you are preapproved in order to obtain financing.  Questions, comments, concerns? Send to customerrelations@financeofamerica.com