Basic Statutory Mortgage Limits for Multifamily Housing Programs for Calendar Year 2017
- By: admin
- On: 11/10/2017 08:42:11
- In: HUD Notices
The Basic Statutory Mortgage Limits for Multifamily Housing Programs for Calendar Year 2017 have been published in a Federal Register Notice.
The FHA Down Payment Simplification Act of 2002 amended the National Housing Act by adding a new Section 206A that in turn affects several sections. The dollar amounts in these sections are the base per unit statutory limits for FHA's multifamily mortgage programs and have been adjusted annually since 2004 on the effective date of the Consumer Financial Protection Bureau's adjustment of the $400 figure in the Home Ownership and Equity Protection Act of 1994 (HOEPA). The adjustment of the dollar amounts is calculated using the percentage change in the Consumer Price Index for All Urban Consumers (CPI-U) as applied by the Bureau of Consumer Financial Protection for purposes of the HOEPA adjustment.
HUD has been notified of both the 2.1 percent change in the CPI-U and the January 1, 2017 effective date of the HOEPA adjustment. The dollar amounts have been adjusted correspondingly and have an effective date of January 1, 2017.
Click here to view notice in the Federal Register