Industry NewsMortgage

New FHA loan limits released

73 counties at $729,750 cap, 666 can surpass floor

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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...