PJ's Reverse Mortgage Blog

HUD published Mortgagee Letter 08-33 which establishes the HECM for purchase program. FHA insured HECMs can now be used to purchase a principle residence (1- to 4-family dwelling

unit) with the loan proceeds as long as the FHA case number is assigned on or after January 1, 2009. . . .

Here is the link for you to view the entire Mortagee Letter http://www.hud.gov/offices/adm/hudclips/letters/mortgagee/files/

We are still waiting for guidance on the new national FHA limits, $417,000.

YEA!!!