I received a quick update on where FHA Loan Limits stand from our local mortgage broker:
- Final word could be decided on the extension of the previous loan limits as soon as Thursday
- The new loan limits for our area fell over 32K
- The changes could raise the FHA Loan Limits back to $303,750 until 2013
FHA loans are different than Conforming Loans……
Conforming Loan Update
Conforming mortgages “conform” to the mortgage underwriting guidelines of Fannie Mae or Fannie Mac. Mortgages meeting these criteria are securitized on Wall Street as mortgage backed bonds. The 2011 Conforming Mortgage Loan Limits have signed into law by the White House and they are the exact same As 2010, 2009, 2008, 2007 and 2006 for our region. Here’s the breakdown:
- 1-unit properties : $417,000
- 2-unit properties : $533,850
- 3-unit properties : $645,300
- 4-unit properties : $801,950
Also don’t forget that Veterans who qualify for a VA Loan can obtain 100% financing on loan limits up to $417,000 as well!
As this new development unfolds you can help more and more of your clients need.