FHA Increases Loan Limits In High Cost Areas

US Lawmakers have voted to Restore Higher FHA Loan Limits. This is especially important in high cost areas where the loan limits were reduced to $625,500 on October 1st. The limits are being restored to the previous level of $729,750 in high cost areas. To find the FHA loan limits in your area go to FHA Mortgage Limits.

“Restoring the higher loan limits for the FHA will provide homeowners and homeboys with safe and affordable financing, while providing a much-needed boost to housing markets all around the country,” James W. Tobin, chief lobbyist for the National Association of Home Builders, wrote in a Nov. 16 letter to Speaker John Boehner, an Ohio Republican.

Loan limits for loans sold to Fannie Mae and Freddie Mac were not included in this legislation. Loan limits for conventional loans remain at the reduced level of $625,000. To see the current conventional loan limits in your area go to: Conventional Loan Limits. (see Maximum Loan Limits that Apply to Loans Acquired in Calendar Year 2011 and Originated after 9/30/2011 or Prior to 7/1/2007)

VA Loan Limits were also not effected by this legislation. The current loan limits for VA loans run though 12/31/11. VA loans limits are set by area. The current maximum VA loan is $1,094,625. To find out the loan limits in your area go to: VA Loan Limits.

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Alan Gross

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Gaithersburg, MD 20878

Home Office: 240.813.0614
Email: agross@primelending.com
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