FHA Increases HECM Loan Limit
The maximum claim amount for FHA-insured Home Equity Conversion Mortgages has been increased from its current $625,500 limit to $636,150, according to Mortgagee Letter 2016-19 published by the Department of Housing and Urban Development. This new MCA – which is equal to 150 percent of the Freddie Mac national conforming limit of $424,100 – becomes effective […]