As part of the economic stimulus package being negotiated by House Democrats
and the Treasury Department, Fannie and Freddie loan limits will increased
for one year up to $730,000. The increase will be adjusted for local markets
at 125% of local median home price. The move will significantly improve
liquidity and pricing in the jumbo market. The agreement also includes
raising the FHA loan limits to the same amount. We are trying to confirm
whether the other provisions of FHA reform will be included (such as
lowering downpayment requirements). But at a minimum, the loan limits will
be increased.

This represents an agreement in principle and must still go through the
legislative process. My best guess is that will happen sometime after the
State of the Union next week, likely progressing into early February.

This is the most significant action to date proposed by the federal
government to stabilize the housing market. Lenders One/National Alliance of
Independent Mortgage Bankers have worked hard to make this a reality and we
will continue to keep you posted on our progress.

....and YES...We have always been FHA approved!

:-)

~KRIS KRAJECKI

Mortgage Specialist

630-347-6321

 

8 Comments on NEW FHA LOAN LIMITS UP TO $730,000!!!!

We will all be crossing our fingers for a big push.  Well hope all is going great in your business.  Thanks for the post and we have all been seeing a lot on Tv lately about all this.  It will be interesting to watch how this all plays out in the next few months.

Thanks,

Tom Davis, Agent In Delaware.

01/26/2008 10:36 AM by Delaware Homes For Sale:FREE Delaware Search: Delaware Real Estate: Tom Davis (Delaware Real Estate: Delaware Homes: Delaware, Dover , ERA)

wow, thats good to know. thank you

01/26/2008 11:51 AM by Josué E. Silva (Tierra Antigua Realty)

Now this is some good news.  Well its not for sure yet but I'll cross my fingers to it getting passed and in a speedy fashion.  Thanks for the heads up.  Californians will especially be happy when this pass.

01/26/2008 05:59 PM by Rosemary Brooks -Mother & Daughter (866)-750-8282 (Family Realty Group - 866-750-8282)

We shall see.  Only time will tell what will really be the effect of this.

01/29/2008 08:59 AM by Don Draughn - Debt Counselor (USA Services)

I hope this helps some communities.  Credit seems to be a big issue.

01/29/2008 03:28 PM by Frances C. Rokicki, Broker~Mentor (Fran Rokicki Realty, LLC)

Has anyone heard any updates on this?  I am anxiously waiting...

02/07/2008 04:01 PM by Katie Marchione ~ Community First Financial (Community First Financial)

the new limit was passed and pres bush signed the papers the new limits are in affect allready in california and will be as well in new york city by feb 20th.. i hope this will help  .. thank you

02/14/2008 04:44 PM by shawn

KRIS

THAT IS AWESOME!! WITH A MINIMUM DOWN PAYMENT FOR $730,000.00 I WONDER WHAT EFFECT THAT WOULD DO TO THE HOUSING MARKET WITH REGARDS TO THE ESCALATING FORECLOSURE MARKET?

02/19/2008 05:46 PM by Gary J Rocks (Sussex County Real Estate)

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Mortgage Company: Kris Krajecki - American Mortgage Werks - Huntley, IL
Kris Krajecki Mortgage Broker Huntley, IL
Huntley, IL
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Kris Krajecki - American Mortgage Werks - Huntley, IL

Office Phone: (847) 426-3431
Cell Phone: (630) 347-6321
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