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As noted in an earlier post, as of October 1, 2011, the FHA loan limits will revert to the earlier limits, which is horrible news for people living in expensive areas. When I read the Analysis on the HUD website:
http://portal.hud.gov/hudportal/documents/huddoc?id=fhaloanlmhera.pdf
I see that this Analysis says that this will apply to "loans insured on or after October 1, 2011", and then when I read further and look at the county chart provided, it says for "loans originated on or after October 1, 2011".
Does anyone know how the concept of "originated/origination" works here? Are we talking about the actual funding of the loan, or when the loan commitment process begins?
Thanks.
The only official guidance I've read is that it has to have credit approval - meaning an underwriter needs to have reviewed the loan with a specific property address. Some lenders are imposing earlier deadlines in order to comply with secondary market guidelines so they can sell them off their books in time.
Thanks for your response.
We are just now starting the process of engaging a real estate agent and obtaining preapproval. We are not worried about being approved for a mortgage, but we are concerned about the FHA and conforming loan limits. In our case, the limits will go down ~ $150K (painful). Ideally, we'd like to find a place in the 4 - 5 weeks (which may be a pipe dream).
Given the issue of potential Lender differences with deadlines, would you recommend choosing a mortgage broker over going directly with a bank? Time is a bit of the essence, and I'd hate to throw all my eggs into the basket of one bank.
Anyone who can get the file to review in front of an underwriter may be part of what you want to base your decision on - mortgage lenders or mortgage brokers both have the capability of getting that accomplished quickly, so you'll want to specifically ask that question and stress how important it is.