Maryland FHA Proposed Rule and 2010 Loan Limits
Maryland’s FHA proposed rule was published today in the Federal Register regarding lender eligibility and net worth requirements.
6 Things you need to know about these changes:
1. If accepted, these changes will take effect January 1st, 2010.
2. Maryland FHA proposes to no longer approve mortgage brokers for participation in Maryland FHA programs.
3. The sponsoring Lender must assume responsibility for any mortgage broker with whom they do business.
4. The sponsoring lender will assume full liability for the loans they accept from mortgage brokers.
5. Proposed net worth requirements for Maryland FHA lenders will be increased from $250,000 to 2.5 million dollars.
6. Maryland 2010 loan limit keeps the floor at $217,050 and the ceiling at $729,750 and also announces that the conforming limit will remain at $417,000.
If you need a FHA mortgage lender in Maryland, please call Bill Sohan at (410)-963-2308.
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