SPRING 2005

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Have You Heard

HUD Raises Limits for FHA Home Loans

The Federal Housing Administration (FHA) has increased home mortgage limits for single-family homes by more than 7 percent. The increase is part of an annual adjustment the Department of Housing and Urban Development makes to accommodate rising home prices.

As of Jan. 1, 2005, FHA is insuring home mortgages for up to $172,632 in low-cost areas and up to $312,895 in high-cost areas. The 2004 loan limits were $160,176 in low-cost areas and $290,319 in high-cost areas.

Senior citizens who qualify for FHA-insured reverse mortgages also will benefit from the increase. With reverse mortgages, homeowners aged 62 and older can borrow money against the value of their homes without selling them.

More information is available at www.hud.gov and espanol.hud.gov.

$34 Million New Threshold for HMDA Exemption

The Federal Reserve Board recently raised the asset-size exemption threshold for depository institutions under Regulation C, which implements the Home Mortgage Disclosure Act (HMDA), by $1 million.

The exemption will increase to a level of $34 million, based on the annual percentage change in the Consumer Price Index for Urban Wage Earners and Clerical Workers for the 12-month period ending in November 2004. As a result, depository institutions with assets of $34 million or less as of Dec. 31, 2004, are exempt from data collection in 2005. An institution’s exemption from collecting data in 2005 does not affect its responsibility to report the data it was required to collect in 2004.

The adjustment became effective Jan. 1, 2005.

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