North Idaho Janna

HUD Secretary Steve Preston has announced new limits on the mortgage amount insurable by the Federal Housing Administration beginning January 1, 2009. Under the 2008 Housing & Economic Recovery Act, limits are set at 115 percent of a market's median house price. They can't be lower than 65 percent or higher than 150 percent of the national conforming limit of $417,000. Preston says the limits will ensure FHA can to continue help struggling homeowners refinance and allow many first-time buyers take advantage of today's buyers market.  Read the Mortgagee Letter.

. . . There's More
The Secretary also unveiled that the new limit, effective immediately, on Home Equity Conversion Mortgages – reverse mortgages – will be $417,000, except in parts of Hawaii.

And Still More. . .
On November 12, HUD issued a final rule on regulations governing the Real Estate Settlement Procedures Act. For the first time ever, lenders and brokers will be required, starting January 1, 2010, to give consumers a standard, easy-to-read Good Faith Estimate that includes the term of the loan, whether the interest rate is fixed or adjustable, if there are pre-payment penalties or balloon payments, and the loan's total closing costs. HUD estimates that upfront disclosures will save consumers some $700 in closing costs. HUD received more than 12,000 comments following its publication of the proposed rule in March. Secretary Preston commented, "It has been a long road, but today we can finally announce a better way to buy homes in America."

Briefs
HUD's Hope for Homeowners program raises loan-to-value on its loans to 96.5 percent for borrowers whose mortgage payments are no more than 31 percent of monthly gross income and household debt no more than 43 percent. The program now allows lenders to extend loan terms from 30 to 40 years and provides immediate payment in exchange for a subordinate lender's release of its lien. . . Northeast Washington Housing Solutions in Spokane is accepting applications for Housing Choice Vouchers from December 3-18, 2008 . . . Spokane Low Income Housing Consortium moves offices to 720 West Boone in Spokane . . . Idaho Housing and Finance Association's Julie Williams chosen for inaugural class of NAHRO Fellows . . . LaGrande Observer says City Council okays micro-enterprise loan program funded with $40,000 in unanticipated revenues . . .

Grants
December 9, 2008 - begin submitting applications for emergency repair grants of up to $500,000 at eligible HUD elderly complexes . . . December 16, 2008 - deadline for HUD Section 202 Pre-Development Design grants . . . January 8, 2009 - deadline for Office of Violence Against Women grants of up to $250,000 to provide transitional housing to victims of domestic violence, dating violence, stalking or sexual assault . . . January 15, 2009 - deadline for $47 million in Department of Labor YouthBuild grants . . . February 16, 2009 - deadline for $1 million in 2008 Urban Forestry Challenge Grant program . . . USDA now accepting applications, due May 31, 2009, for household water well funds to give rural residents access to clean, safe drinking water.

Quote to Note
"When I see the numbers of people coming to the food center I can't even think about it," Pastor Royce Right of the Oasis Worship & Food Center in Caldwell, ID told KTRV-TV. "I think we're not gonna have enough food, but we always have enough food. We'll always have enough food."

Janna Rankin Scharf, AB, GRI, CSP, CNS, CLHMS, provides a superior level of real estate services to home buyers and sellers in Coeur d'Alene and Kootenai County, Idaho. Visit www.JannaScharf.com to search for homes in the Coeur d'Alene MLS for anywhere in spectacular North Idaho.

Janna Rankin Scharf, 208.651.9700  NorthIdahoJanna@gmail.com