On June 4, 2020, HUD issued its annual update to Statutory Mortgage Limits effective as of January 1, 2020, via notice in the Federal Register. And, on June 5, 2020, HUD issued a Mortgagee Letter updating its Annual Base City High-Cost Percentages and Hight Cost Areas also effective January 1, 2020.
These updates are especially important in markets where construction costs are increasing. In addition, HUD increased the base amount per dwelling unit to define substantial rehabilitation for FHA insured loan programs to $16,299. If you have questions about a possible FHA-insure loan, please contact Centennial Mortgage and we would be happy to talk to you about the products we offer.