The new loan limits are here
By Matt Carter, Thursday, March 6, 2008.Bookmarking Sites
HUD's released the new loan limits for FHA, Fannie and Freddie.
To find the limit for your area, go to this Web page and enter your county or MSA, and select the loan type from the pulldown menu at the bottom.
Note that FHA home equity conversion mortgages -- "HECMs" -- are still subject to the old limits.
The limits are determined by the median home price in your county, unless your county is part of a larger MSA. In that case, the county with the highest median home price determines the limit for the whole MSA. For a list of MSAs, click here .
If you don't know your MSA, just use your county. To generate tables for the entire state, select your state and leave the county blank (you can get a table for the entire country by selecting "all states" but it's very large!).
See also HUD's letter to lenders.
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Submitted by Spencer Mason on November 21, 2008 - 1:05pm.
Have you heard the more recent buzz on loan limits? As part of a new multi-point housing stimulus plan, the National Association of Realtors is asking Congress to keep the higher FHA, Fannie Mae and Freddie Mac maximum loan limits in 2009. The limit cap was raised as a temporary initiative to encourage home purchases and provide more affordable mortgages. The NAR proposal would make the max limits permanent for more expensive real estate markets. Realtors are adamant that this legislation be passed, not only for the housing industry to get back on track, but for the U.S. economy to recover. The NAR is calling on all members to write the representative in support of the stimulus plan.
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