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FHA loan limit increases to $498,257 in 2024

Housing Wire

The Federal Housing Administration (FHA) is increasing the “floor” and “ceiling” FHA loan limits in 2024 to $498,257 and $1,149,825, respectively, the FHA announced Tuesday. The new FHA loan limits apply to forward mortgages for a one-unit property and take effect on Jan.

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Conforming, FHA loan limits rose for 2024, but who benefits? 

Housing Wire

. “With the latest Federal Housing Finance Agency (FHFA) announcement, he could qualify for a conforming loan paying a 5% down payment of roughly $40,000 rather than $80,000 – which could have put him on the sideline. They will be more comfortable than the baby boomer generation taking out a larger mortgage to get what they want.

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FHA loan limit increases to $524,225 in 2025

Housing Wire

The Federal Housing Administration (FHA) is increasing the “floor” and “ceiling” FHA loan limits in 2025 to $524,225 and $1,209,750, respectively, the agency announced Tuesday. The new FHA loan limits apply to forward mortgages for a one-unit property and take effect on Jan.

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Wells Fargo to shutter correspondent lending?

Housing Wire

In the face of a declining mortgage market and heightened regulatory scrutiny, Wells Fargo , the country’s largest depository mortgage lender by volume, is planning for a smaller footprint in correspondent lending and third-party servicing business. The post Wells Fargo to shutter correspondent lending?

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Mortgage demand drops 22% during holidays as rates move higher

Housing Wire

Government lending programs saw mixed results as applications for Federal Housing Administration (FHA) loans fell by 60 bps to a market share of 16.6%, while applications for Department of Veterans Affairs (VA) loans rose by 50 bps to a share of 15.7%. Rates for 30-year jumbo loans jumped 14 bps to 7.13%.

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Refi Sugar High: How to balance your lending diet

Housing Wire

Will they be able to help borrowers construct FHA loans — which have been among those hit the hardest by COVID-19? Be proactive now about balancing your lending diet, equipping your staff to handle a range of responsibilities and solidifying your brand’s presence in the marketplace. Live in the moment, but plan for the future.

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loanDepot’s new FHA down payment assistance program lets borrowers put zero down

Housing Wire

loanDepot has rolled out a new down payment assistance program for Federal Housing Administration (FHA) loan borrowers that enables them to put zero money down upfront. FHA loans also come with mandatory upfront and annual mortgage insurance premiums — usually for the life of the loan.

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