Archive Links

Consumer Archive
CU System Archive
Market Archive
Products Archive
Washington Archive

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
July 's Fed Bank's "FedFocus" has some interesting articles: incl cost/benefits of $1 currency 2 coin conversion ttp://tinyurl.com/nybmnhh
14 hours ago
Do you wish you were a News Now subscriber? Go here: http://t.co/7evfBSjeMx
15 hours ago
Financial education for student body key part of Altura #creditunion, UC-Riverside partnership #NewsNow http://t.co/Xp6OJd66o6
16 hours ago
.@VTcreditunions gains 200 new FB followers in just 2 wks to reach 1,000 http://t.co/I89xJcv4Jg
16 hours ago
.@CUNA is testifying on reg relief Tues,July 15 at 2 p.m. be4 Hs Fin Serv Subc. Here is the agenda and witness list: http://t.co/yBRhlmdqHt
19 hours ago