New FHA/HUD Loan Limits Announced !

By
Real Estate Broker/Owner with Rankin Realty at Lake Powell, LLC

Last week, President Bush signed into law a $152 billion economic stimulus bill that includes temporary increases in loan limits for the government sponsored enterprises ie. Freddie Mac, Fannie Mae and FHA until December 31. In order to help sort all of this out Realtor.Org has put up a page explaining the new loan limits and breaking them down by each county in the country.

http://www.realtor.org/gapublic.nsf/pages/economic_stimulus

The chart for each county can be found here: 

http://www.realtor.org/GAPublic.nsf/files/chart_hud_loan_limits_08.pdf/$FILE/chart_hud_loan_limits_08.pdf

From the National Association of Realtors:

"NAR expects the impact on the housing market to be significant because of the infusion of capital into the mortgage market, which should result in lower interest rates across the board. In addition, there will be a direct impact on high-cost areas that previously required borrowers to take out costlier jumbo mortgages"

For Kane County, Utah this in the second such raise in just six months. Our new limit under the economic stimulus bill is $383,750 up from $291,129.

Kane Counties last increase was just in August of 2007 when new FHA/HUD loan limits went into effect.

According the HUD/ FHA website the August increase in the loan limits centered around the fact that home prices have increased dramatically the last few years in Kane County.

FHA found that many buyers were well qualified but lacked sufficient down payment funds. The August 2007 increase in loan limits went from the previous $204,250 to $291,129  and was designed to  help more consumers in purchasing a single family home.

A big "thank you" should go out to all Kane County real estate and mortgage professional who were instrumental in gathering the data FHA used to determine the August increase, according to HUD regional director, John Carson.

See Also

Lake Powell Real Estate - First Time Homebuyers Assistance Program

 

Comments (2)

Dwayne West
Atlanta Real Estate - Canton, GA
Canton Georgia Real Estate
I think this will be a good thing. I hope it gets some of the potential buyers off of the sidelines and into the market.
Mar 07, 2008 05:38 AM
Heather Rankin
Rankin Realty at Lake Powell, LLC - Page, AZ
Lake Powell Real Estate
Dwayne ~ I hope so too. Kane county has taken somewhat of a hit in the market, but not as bad as most places. This looks to insure us further against a downturn.
Mar 09, 2008 07:53 AM