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The Federal Housing Administration expects to begin processing
these higher-balance loans 30 days after President Bush signs
the bill.
John Garvin, deputy assistant secretary of the Department of Housing and Urban Development said that 150k more loans will be endorsed(85,000 will be purchase loans and 69,000 will be refinancings).
He noted that HUD is calculating the loan limits for metropolitan statistical areas, which should be completed within 30 days.
Once HUD publishes the MSAs and issues its mortgage letter, FHA
systems will be ready, Mr. Garvin said. Fannie Mae and Freddie Mac executives said they are working to be ready in 30 days as well.
But a lot will depend on HUD\'s getting the MSA list out and getting
its models and controls in place to satisfy the Office of Federal
Housing Enterprise Oversight.
these higher-balance loans 30 days after President Bush signs
the bill.
John Garvin, deputy assistant secretary of the Department of Housing and Urban Development said that 150k more loans will be endorsed(85,000 will be purchase loans and 69,000 will be refinancings).
He noted that HUD is calculating the loan limits for metropolitan statistical areas, which should be completed within 30 days.
Once HUD publishes the MSAs and issues its mortgage letter, FHA
systems will be ready, Mr. Garvin said. Fannie Mae and Freddie Mac executives said they are working to be ready in 30 days as well.
But a lot will depend on HUD\'s getting the MSA list out and getting
its models and controls in place to satisfy the Office of Federal
Housing Enterprise Oversight.
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