NAHB Now's Latest Posts
Fannie Mae, Freddie Mac Conforming Loan Limits to Rise in 2021
The Federal Housing Finance Agency (FHFA) today announced that the maximum baseline conforming loan limits for mortgages acquired by Fannie Mae and Freddie Mac in 2021 will increase to $548,250 from $510,400.
IRS Says Businesses with Forgiven PPP Loans Cannot Deduct Expenses
Businesses that get their Paycheck Protection Program (PPP) loans forgiven will not qualify for some valuable deductions, according to IRS guidance that reiterates its position taken in April. In addition, companies that have “a reasonable expectation that the government won’t require them to pay back the money can’t deduct the business expenses paid for by the loan.”
FHFA Announces New Capital Rules for Fannie Mae, Freddie Mac
The Federal Housing Finance Agency (FHFA) today sent a final rule to the Federal Register that establishes a new regulatory capital framework for Fannie Mae and Freddie Mac (the Enterprises).
FHFA Announces Fannie Mae, Freddie Mac Multifamily Loans Purchase Caps for 2021
The Federal Housing Finance Agency (FHFA) today announced that the 2021 multifamily loan purchase caps for Fannie Mae and Freddie Mac (the Enterprises) will be $70 billion for each Enterprise. The cap structure allows the Enterprises to offer a combined total of $140 billion in support to the multifamily market.
FHA’s MMIF Capital Reserves Climb in Fiscal 2020
The Federal Housing Administration (FHA) today released its annual report to Congress that shows the agency’s capital reserve ratio of its Mutual Mortgage Insurance Fund (MMI Fund) ended the fiscal year at 6.10% — an increase of 1.26 percentage points over the fiscal 2019. This is well above the congressionally mandated 2.0% capital ratio.
Some Buyers Perceive an Uptick in Affordability
The Housing Trends Report for the third quarter of 2020 shows that 27% of buyers report being able to afford half or more of the homes for sale in their markets. A year earlier, the share was 20%.
Construction Wages Top the National Average
Half of payroll workers in construction earn more than $49,030 and the top 25% make at least $68,690, according to the 2019 Bureau of Labor Statistics Occupational Employment Statistics (OES) Survey data and analysis by NAHB. In comparison, the U.S. median wage is $39,810, while the top quartile (top 25%) makes at least $64,240.
Expectations for Housing Availability Improve
More than one-in-four prospective buyers (28%) in the third quarter of 2020 expect their search for a home to become easier in the months ahead, while 61% percent expect it will be harder or stay the same, according to the latest Housing Trends Report.
FHA Updates New Construction Financing Requirements
The Federal Housing Administration (FHA) today published Mortgagee Letter (ML) 2020-36, FHA New Construction Requirements. This guidance updates the requirements for new construction financing for Title II Single Family forward mortgages in alignment with the regulatory amendments announced in the 2018 final rules that streamlined inspection and warranty requirements.
Working Closely with NAHB, Nearly 100 Lawmakers Urge Trump to Act on Lumber
Working in tandem with NAHB, nearly 100 Republican and Democratic lawmakers on Oct. 20 sent a letter to President Trump seeking urgent action on lumber supply shortages that have resulted in unprecedented price spikes in recent months that are threatening the housing industry and economic recovery.
