| |
FHA lending limits allow borrowers to find their FHA
borrowing power in their area of the county. The loan limits
vary based on a variety of housing types and the state and
county in which the property is located. FHA loan limits
changed as of January 2009.
Effective January 1, 2009,
FHA will insure single-family home mortgages up to $271,050
in low cost areas and up to a maximum of $625,500 in high
cost areas.
With access to credit
currently being restricted, the FHA wants to make sure that
mortgage loans remain readily available to households
throughout the country. The new loan limits are designed to
ensure that the FHA can continue to help struggling
homeowners refinance into safe, affordable
government-insured loans, as well as allow many first-time
buyers to take advantage of today's buyers market.
FHA mortgage insurance makes
home financing more available to low-income and first time
homebuyers. This is because the mortgage is backed by the
full faith and credit of the government, freeing lenders
from assuming the risk of default.
For 2009, the national
conforming limit will remain at the current level of
$417,000. High balance conforming loan amounts have been
temporarily increased to $729,750. In Alaska, Guam, Hawaii
and the US Virgin Islands, these temporary limits do not
apply since their permanent loan limit is $938,250 for
single unit properties.
New FHA loan limits will be
set at 115 percent of the median house price in a given
area, as determined by HUD, but can not be lower than 65
percent of the conforming loan limit (the national floor).
Also, the FHA mortgage limit cannot exceed 150 percent of
the national conforming loan limit (the national ceiling).
FHA Lending Limits >
|
|
 
| |
Discover
important mortgage tools to help guide you in your
process to get your dream home! |
|
|
