The ceiling on loans insured by the Federal Housing Administration will also rise next year, to about $362,790 (87% of the Freddie Mac limit) in about three dozen high-cost markets.The FHA "floor" in 2006, or the maximum loan amount in most other places, will be about $200,160 (48% of the Freddie ceiling). Because the FHA must determine a limit for each of more than 3,300 jurisdictions nationwide, a formal announcement won't be made until the end of December, at the earliest. In addition, the maximum no-downpayment loan that will be guaranteed by the Department of Veterans Affairs will be $417,000 in 2006. Eligible veterans can still purchase higher-priced houses, but because the VA "guaranty" is accepted by some lenders as a substitute for a 25% downpayment, buyers will have to put up $1 of their own money for every $4 they want to borrow above the limit.
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According to the Federal Reserve Board's latest financial stability report, persistent inflation and policy uncertainty are the primary worries for banks. Survey respondents expressed heightened anxiety over murky policy outlooks due to geopolitical turmoil and rapidly approaching domestic elections.
6h ago -
Leaders of ORNL Federal Credit Union are piloting Zest AI's new artificial intelligence-powered assistant to ensure equitable underwriting practices and measure performance against similar institutions.
8h ago -
McCargo stabilized the agency at a crucial time as she helped navigate it through both a pandemic and subsequent dramatic interest-rate cycle change.
8h ago -
The quasi-public entity's plan to buy certain closed-end seconds would constitute "unnecessary government encroachment," the Structured Finance Association said.
10h ago -
The mortgage subsidiary of Hilltop Holdings posted another quarterly loss and volume slipped, but management also sees signs of optimism.
11h ago -
The increasing frequency and severity of droughts was top of mind for panelists at AmeriCatalyst's "Going to Extremes" conference Thursday.
April 18