My New Blog

The U.S. Department of Housing and Urban Development has released new FHA and conforming loan limits based on changes enacted last week as part of the massive economic stimulus bill.

Under the legislation, loan limits in high-cost areas are increased to $729,750, the same as last year. They had dropped to $625,500 this year before passage of the legislation.

In a Mortgagee Letter released yesterday on the change, HUD says the new loan limit for an area will be based on market calculations from either this year or last year, whichever is the higher of the two calculations

Given current market conditions, many areas are staying at the 2008 mortgage limit.

The loan limits can be accessed in a searchable form on HUD's Web site.

Source: REALTOR® Magazine Online

If you have any questions about this article or Real Estate in general, give me a call at 405-315-7965, Josh. 

OKLAHOMA CITY - U.S. Housing and Urban Development Secretary Shaun Donovan today announced the approval of the State of Oklahoma’s plan to use its $29,969,459 allocation under HUD's new Neighborhood Stabilization Program (NSP).

HUD's Neighborhood Stabilization Program was created under the Housing and Economic Recovery Act of 2008 and provides nearly $4 billion to all 50 States, Puerto Rico, the District of Columbia and 250 cities and counties experiencing particularly high foreclosure problems and risk of property abandonment. The program permits these State and local governments to purchase foreclosed homes at a discount and to rehabilitate or redevelop them in order to respond to rising foreclosures and falling home values.

State and local governments can use their neighborhood stabilization grants:

• To acquire land and property;
• To demolish or rehabilitate abandoned properties;
• And/or to offer downpayment and closing cost assistance to low- to moderate-income homebuyers (household incomes not to exceed 120 percent of area median income).

In addition, these grantees can create "land banks" to assemble, temporarily manage, and dispose of vacant land for the purpose of stabilizing neighborhoods and encouraging re-use or redevelopment of urban property.

The NSP Program also seeks to prevent future foreclosures by requiring housing counseling for families receiving homebuyer assistance. In addition, the Agency seeks to protect future homebuyers by requiring States and local grantees to ensure that new homebuyers under this program obtain a mortgage loan from a lender who agrees to comply with sound lending practices.

Thinking about Real Estate Investments, call me at 405-315-7965, I can take care of your portfolio, Josh. 

While many of the residential communities near Oklahoma City are family-friendly, Edmond, located 15 minutes outside of the hub, is attractive to business, too. The city is "growing rapidly on both the commercial and residential sides," says Michael Ogan, director of business development at the Greater Oklahoma City Chamber. Retail is big, but so are education, healthcare, and financial services. Ogan also points to the educated workforce - more than half of Edmond's population has a college degree.

Local business owners can network on the city's superlative golf courses, and relax at nearby Arcadia Lake (great for boating and camping) or at one of the weekly farmers markets. Their families enjoy excellent healthcare and schools - test scores rank well above the national average. -Mina Kimes