NEW FHA LOAN LIMITS UP TO $730,000!!!!

By
Mortgage and Lending with Kris Krajecki - FOX VALLEY MORTGAGE - Huntley, IL

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

Comments (8)

Tom Davis
Harrington ERA,DE Homes For Sale, $$ Save $$ Buy Today ! - Dover, DE
FREE Delaware Homes Search!, $$ Save $$ - Find Homes! Delaware Realtor

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.

Jan 26, 2008 02:36 AM
Josué E. Silva
Tierra Antigua Realty - Tucson, AZ
wow, thats good to know. thank you
Jan 26, 2008 03:51 AM
Rosemary Brooks
BMC Real Estate - 209-910-3706 - Stockton, CA
The Mother & Daughter Realty Team
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.
Jan 26, 2008 09:59 AM
Don Draughn - Mortgage Professional
High Point, NC
We shall see.  Only time will tell what will really be the effect of this.
Jan 29, 2008 12:59 AM
Frances C. Rokicki
Fran Rokicki Realty, LLC - Bolton, CT
Broker-Mentor,CRS
I hope this helps some communities.  Credit seems to be a big issue.
Jan 29, 2008 07:28 AM
Katie Marchione
Community First Financial - Scottsdale, AZ
Community First Financial
Has anyone heard any updates on this?  I am anxiously waiting...
Feb 07, 2008 08:01 AM
Anonymous
shawn
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
Feb 14, 2008 08:44 AM
#7
Gary J. Rocks
Juba Team Realty - Jefferson Township, NJ

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?

Feb 19, 2008 09:46 AM