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Fannie, Freddie, FHA raise mortgage limits!
An economic stimulus package was signed into law February 13, 2008. This new law is effective immediately and includes a temporary increase in both the FHA and conforming loan limits, up to a maximum of $729,250. Fannie Mae, Freddie Mac and the Federal Housing Administration all raised their loan limits. This is an attempt to help stabilize the housing market from the onslaught of foreclosures that are currently in process, and to spur on new homebuyers.
The new limits vary across the country by county and are based on a report by the Department of Housing and Urban Development (known as HUD). View the new loan sizes for your area by clicking on the following link, https://entp.hud.gov/idapp/html/hicost1.cfm
Home buyers wanting to use the FHA program now can finance 97% of the purchase price at much higher loan limits. This has given those wanting low down payments the opportunity to buy at the same level of those who have more money to put down. The new law substantially increases loan limits in high cost areas and opens up new options and lower financing costs for many people.
The move has not come without a price however. Pricing varies by loan size. However, the interest rates for those above the $417,000 mark are still much better than the previous rates for Jumbo loans.
Interest Rates Remain at Historic Low’s. Call Us If We Can Help!
Look For Us In Your 2008 Benefits Magazine
