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HUD Announces New FHA and Agency Loan Limits

By
Mortgage and Lending with A&M Mortgage Group 214765

HUD Announces New FHA and Agency Loan Limits

Legislative

More than a week early, the Department of Housing and Urban Development

(HUD) released the new FHA and GSE (Fannie/Freddie) loan limits for 2008

today. The new loan limits for the entire country can be accessed from

HUD's website. Authorized by The Economic Stimulus Act of 2008, which

was signed into law on February 13, 2008, the new FHA limit is based on

125% increase of each county's median price, with a minimum of $271,050

and a maximum of $729,750. The increased Fannie Mae and Freddie Mac loan

limit follows the same formula, with a minimum of $417,000 and a maximum of

$729,950. For the most part, these numbers are the same as the FHA limits

except in lower-cost counties, where the Fannie/Freddie limits will be

higher.Also, stay tuned for new Stimulus Package tools to be announced in

This Week. Make it a great week!

Comments (2)

Kevin Williamson
Coldwell Banker Shepherd Group - Moreno Valley, CA
Homes for Sale Moreno Valley
I just got that news yesterday. I am calling up all my buyers here in Riverside to let them know the good news. It seems that with all of this legislation that is coming down from DC and all of the lenders finally doing something about this mess we might actually see some more postive numbers this year then last. I really hope the media takes this news and starts with some more postive coverage of changes in the housing market
Mar 06, 2008 04:58 AM
Rob Arnold
Sand Dollar Realty Group, Inc. - Altamonte Springs, FL
Metro Orlando Full Service - Investor Friendly & F
I am flabbergasted the FHA will insure a $729,000 loan.  Isn't the program designed for poor people buying starter homes.  If someone can afford a house in that range, they aren't poor.  They are nearly a millionaire.
Mar 06, 2008 05:03 AM