The Federal Housing Administration has implemented new limits for its loan guarantee programs that will allow it to insure mortgages of up to $729,750 in 73 counties with high-cost housing markets, along with loans above the $271,050 "floor" in more than 600 other counties with elevated home prices. The Department of Housing and Urban Development has updated a Web search page that provides FHA mortgage limits by state, county or metropolitan statistical area to incorporate the new limits. HUD has published a letter to mortgagees that includes a list of the 73 counties at the $729,750 ceiling, and a list of 666 counties where loan limits will be between the $271,050 floor and the $729,750 ceiling for one-unit properties. The new limits -- good through the end of the year -- were mandated by the $787 billion economic stimulus bill signed into law by President Obama last week. The bill also raised limits for Fannie Mae and Freddie Mac, whose regulator, the Federal Hou...
by Brad Inman | on Mar 21, 2017
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