Archive Links

Consumer Archive
CU System Archive
Market Archive
Products Archive
Washington Archive
150x172_CUEffect.jpg
Contacts
LISA MCCUEVICE PRESIDENT OF COMMUNICATIONS
EDITOR-IN-CHIEF
MICHELLE WILLITSManaging Editor
RON JOOSSASSISTANT EDITOR
ALEX MCVEIGHSTAFF NEWSWRITER
TOM SAKASHSTAFF NEWSWRITER

News Now

Washington
NFIP FHA language passed with minibus spending bill
WASHINGTON (11/21/11)--Congress extended the National Flood Insurance Program (NFIP) and returned Federal Housing Administration (FHA) loan guarantee limits to their previous ceiling when a minibus spending bill that would continue to fund the government was approved late last week.

The NFIP will continue to function until Dec. 16. Separate pieces of legislation that would extend coverage for another five years have been approved by both the Senate and the House, but there are differences between those two bills.

Language that was attached to the minibus spending bill allows the FHA to guarantee mortgages up to $729,750, or 125% of local median prices for single family homes, through Dec. 31, 2013.

The maximum conforming loan limit fell to $625,500 on Oct. 1 when a loan limit extension could not be agreed to by Congress. The Housing and Economic Recovery Act (HERA) of 2008 requires that Congress set maximum conforming loan limits each year.

The Credit Union National Association supported the NFIP extension and the FHA guarantee limit increase.

The NFIP and FHA related language was added to H.R. 2112, an appropriations bill for the Departments of Agriculture, Commerce, Justice, Transportation and Housing and Urban Development that also funds the government until December 16.


RSS





print
News Now LiveWire
#Consumersentiment highest in 11 years @Umich January survey http://t.co/64ORm6b0Fc
1 hour ago
#creditunions teach #college students how to handle the plastic http://t.co/SYy24PSQmn
2 hours ago
How you might change how you bank in 2015 @Bankrate http://t.co/wRhQsyTvul
2 hours ago
#NewsNow Ohio, Ga. video: Merchants not watching your wallet http://t.co/7jc7rECKSF
2 hours ago
What will a viking raid? Town or your wallet? http://t.co/JJYXXAGk7g @OhioCreditUnion @GCUAGov #StoptheDataBreaches http://t.co/7jc7rECKSF
3 hours ago