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New, Lower FHA Loan Limits for Baldwin County, AL - Effective October 2011
The Housing and Economic Recovery Act of 2008 raised the maximum conforming loan limit in the contiguous United States, the District of Columbia and Puerto Rico to as high as $729,750. Of course, most counties across the country saw much lower loan limits.
Conforming loan limits, which had been raised for many high-cost areas throughout the country to a maximum of $729,750, are expected to expire September 30, 2011. After this deadline, high-balance loans will once again be classified as "jumbo" and carry a higher interest rate.
Once the maximum loan limits are lowered, the new FHA loan limit for Baldwin County, AL will be as follows:
For buyers looking in the higher prices, this reduction will limit their purchasing ability when using FHA financing.
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