On February 25th as a result of the new stimulus package FHA announced their new high loan limits in their Mortgagee letter 2009-07.  The new loan limits were the same as the 2008 TEMPORARY LIMITS. I say TEMPORARY because these limits will only be in effect until December 31, 2009, unless FHA extends them.

I wrote a blog the next day "FHA New TEMPORARY Loan Limits 2009" announcing this.  But I also stated in that blog that just because FHA was implementing these new loan limits, it did not mean that Lenders were going to be able to lend up to these amounts, because their investors still needed to accept them or a form of them.

Well I am happy to announce today that McCue Mortgage the lender that I work for is now able to lend up to the n full new FHA Loan Limits.  Hopefully investors for other lenders have already done the same, or will soon be doing so. I do have to add on more thing to this.  Loan sizes that are above the present conforming loan limits ($417,000) will be priced as jumbo and will require an additional appraisal, at least with us.

This should be a major help to those requiring higher loan limits in order to purchase or to refinance.  I know that I have a couple of borrowers who have been patiently waiting for this to become official, and will reduce a lot of stress for them.

******************************************************************************************************

Info about the author:

George Souto is a Loan Officer who can assist you with all your FHA, CHFA, and Conventional mortgage needs in Connecticut. George resides in Middlesex County which includes Middletown, Middlefield, Durham, Cromwell, Portland, Higganum, Haddam, East Haddam, Chester, Deep River, and Essex. George can be contacted at (860) 573-1308 or gsouto@mccuemortgage.com