FHA Mortgage Limits - A Tool For You

By
Education & Training with Executive Director of Education at eXp Realty

 I want to start off by saying that I know and agree that this topic has literally been beat to death.  It has been the topic of discussion across the Country for many months now.  The stimulus package, the conforming loan rates and limits, FHA, VA, Nehemiah and yada yada ya!   It can be so confusing, especially once you inter-twine the media and press.  What are the FHA limits?  Is it the same for me as it is for you?  What are the guidelines and what do they mean to you, me, the consumer, and anyone else who is interested?

Today I came across a site that I'm sure you are all already aware of, but did you know they had this little tool available?   When I went to their site, I was thinking, "Ok.. Here we go, another web page that will give me some conflicting report with what I already know, have heard, or have read somewhere."  I took a chance anyway and checked it out.  It's legit!  I don't normally post about this stuff as I am no expert in the Lending field, but as a borrower/consumer, I do like to be informed and kept abreast of what's going on in our industry, both as a homeowner, and an industry professional. 


The site is H.U.D.

 


There are a few reasons I think you will find this site to be interesting and possibly of great value to you and even your clients.  First, you can search by any state (All 50 States and includes Guam, Puerto Rico & US Virgin Islands)Second, you can search all the way down to the your Counties level.  Third, you can search by Limit Type IE: FHA, Fannie/Freddie, or HECM.  Once you complete your search, you can download the information. 


The report comes back with easy to read and understand information:
Mortgage maximums as of Wednesday March 12, 2008

MSA Name MSA Code Division County Name County
Code
StateOne-FamilyTwo-FamilyThree-FamilyFour-FamilyLast Revised
VALLEJO-FAIRFIELD, CA (MSA) 46700  SOLANO095 CA$557,500$713,700$862,700$1,072,15003/05/2008


It will also break-down the following depending on your search:

The current basic standard mortgage limits for FHA insured loans are:
   One-family Two-family Three-family Four-family 
 FHA Forward $271,050.00 $347,000.00 $419,400.00 $521,250.00 
 HECM $200,160.00   
 Fannie/Freddie $417,000.00 $533,850.00 $645,300.00 $801,950.00 

High cost area limits are subject to a ceiling based on a percent of the Freddie Mac Loan limits
The ceilings are currently:
   One-family Two-family Three-family Four-family 
 FHA Forward $729,750.00 $934,200.00 $1,129,250.00 $1,403,400.00 
 HECM $362,790.00   
 Fannie/Freddie $729,750.00 $934,200.00 $1,129,250.00 $1,403,400.00 


After you view your State and County, the following files are available to be downloaded:

Warning: Sizes for Condominium and Appraiser full files exceed 10 million characters

Condominium ProjectsUpdatesFull FileFile Description
FHA Forward Limits   Full FileFile Description
FHA HECM Limits  Full FileFile Description
Fannie/Freddie Limits  Full FileFile Description
Inspector Information Full FileFile Description
Inspector Licensing Information  Full FileFile Description
Appraiser Information  Full FileFile Description
Appraiser Licensing Information  Full FileFile Description
PUDs   File Description
Zip Codes  Full FileFile Description


To link directly to their site, CLICK HERE for information regarding your State and County.  Trust me, in the time it took you to read this post, you could have had ALL this information regarding your area already.  It really is that easy and user friendly to use.  HUD's site also has some other really great tools and information you should also look into as well.  I hope you'll find this to be a useful and worthy tool in your daily endeavor of "bookmarking" new sites, tools, and services that are available to you on the web.  Have a Happy and Healthy Week!!  :-)

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Ambassador
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Brad Andersohn
Executive Director of Education at eXp Realty - Fairfield, CA
ActiveBrad - 707.646.1876
Mark - #2 & #3 on Google is good, but let's get you to #1!  Then I can be "Da Man!"  Thanks my friend!  :-)
Mar 12, 2008 07:41 PM #20
Ambassador
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Brad Andersohn
Executive Director of Education at eXp Realty - Fairfield, CA
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Lisa - that HUD site has sooooo much stuff, one could get lost and need the loud speaker to get found again.  At least you know it's there now and that networking and membership here on Active Rain has it's benefits and privileges!  :-)
Mar 12, 2008 07:44 PM #21
Rainmaker
216,905
Mark Organek
And the United States of America - Mesa, AZ
On a journey to accomplish one huge goal.
Brad, I'm with you on that one.  I'll keep reading and learning.
Mar 12, 2008 07:44 PM #22
Ambassador
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Brad Andersohn
Executive Director of Education at eXp Realty - Fairfield, CA
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Mark - Like I said, "Not till you're #1!"  (Big Smile)
Mar 12, 2008 07:45 PM #23
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Brad Andersohn
Executive Director of Education at eXp Realty - Fairfield, CA
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Don - be sure to share this with others, it's always better to give than to receive....well....most of the time! LOL!~
Mar 12, 2008 07:47 PM #24
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Brad Andersohn
Executive Director of Education at eXp Realty - Fairfield, CA
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Katharine - Big smiles right back at ya!  Thanks!  :-)
Mar 12, 2008 07:47 PM #25
Ambassador
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Brad Andersohn
Executive Director of Education at eXp Realty - Fairfield, CA
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Mark - I'm behind ya all the way!  Read, learn, post, comment, share, and grow!  That's just how we roll here! :-)
Mar 12, 2008 07:49 PM #26
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Julie Chapman
DR Horton - Lakeland, FL
New Homes Sales Lakeland Florida

Brad,

I had several buyers we were working with that could not qualify conventionally and when the FHA loan limits raised to their price range, we made these sales - I can personally attest that these raised limits are going to increase sales.....

Mar 12, 2008 11:48 PM #27
Rainmaker
292,895
Joe Gonzalez
CrossCountry Mortgage, LLC NMLS #3029 - King of Prussia, PA
NMLS# 126036 (610) 739-6563

This is the reason why we have blogs.  I honestly didn't know this info was there or rather so easily accesible.  Thanks again.

Mar 13, 2008 01:10 AM #28
Rainer
68,685
Alan 'AJ' Nisen California Contra Costa Mortgage Officer
A Large Bank in America - Lafayette, CA
Brad, this is a great site with a lot of useful info.  By the way, are you also saying money grows on trees? AJ
Mar 13, 2008 03:39 AM #29
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Brad Andersohn
Executive Director of Education at eXp Realty - Fairfield, CA
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Julie - that is a fact!  This is good news for us all.  I know that every area is different, that's why I thought this tool needed to be put out there for us all to know about and share in our respective areas. Thanks for confirming its value and benefit.  :-)
Mar 14, 2008 03:11 AM #30
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Brad Andersohn
Executive Director of Education at eXp Realty - Fairfield, CA
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Joe - you are absolutely right, this is just one more reason we have and "need" Blogs!  It's not just for consumers and our clients, they're for us too!  Thanks!  :-)
Mar 14, 2008 03:12 AM #31
Ambassador
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Brad Andersohn
Executive Director of Education at eXp Realty - Fairfield, CA
ActiveBrad - 707.646.1876
AJ - funny thing that you caught the subliminal message in this post.  According to my Dad when I was a small child, "Money Does NOT Grow on Trees!" LOL!  :-)
Mar 14, 2008 03:14 AM #32
Rainmaker
490,543
Lorraine or Loretta Kratz
Crescent Moon Realty, Inc. & Land N Sea Auctions. - San Marcos, CA
Certified Negotiation Consultants
The challenge I have found is that many lenders in the San Diego area, haven't got any product at this time, and we have buyers that are interested.
Mar 14, 2008 03:20 AM #33
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Brad Andersohn
Executive Director of Education at eXp Realty - Fairfield, CA
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L & L - Why do you have to use Lenders in San Diego if they don't have the products your buyers need?  I know a few lenders here on Active Rain that you might want to contact.  Have you talked to the member/lenders here from your area?  Would love to help if possible, let me know!!   :-)
Mar 14, 2008 04:46 AM #34
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Brad Andersohn
Executive Director of Education at eXp Realty - Fairfield, CA
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Ron - I wonder if this 3% Fed adjustment is going to have an impact on our local purchase market?  :-\
Mar 18, 2008 01:08 AM #35
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Mike Jones
SUNSTREET MORTGAGE, LLC (BK-0907366, NMLS 145171) - Tucson, AZ
Mike Jones NMLS 223495

Brad,

The stuff you post is always useful.  That's its draw.  I really appreciate this one, though, as a lender.  Thanks for the post.

Mike in Tucson

Mar 18, 2008 09:51 PM #36
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Brad Andersohn
Executive Director of Education at eXp Realty - Fairfield, CA
ActiveBrad - 707.646.1876
Mike - thanks, without comments and support like yours, I'd have no idea what to post!!  LOL!~  I really liked this one because there is so much unknown about all that is happening out there, this works for EVERYONE ANYWHERE!  Thanks again for your support Mike, it's more appreciated than you know!!
Mar 18, 2008 10:12 PM #37
Rainer
5,132
Frank Garay
Think Big Work Small - Fairfield, CA
Think Big Work Small
Actually Think Big Work Small does this too... Just for future reference.
Apr 07, 2008 03:08 AM #38
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Brad Andersohn
Executive Director of Education at eXp Realty - Fairfield, CA
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Frank - I was unaware that TBWS provided this as a tool for it's members, I think a post on your part is in order! :-) Thanks for bringing this to my attention, I will pass it on to those I come in contact with that ask about TBWS.  You have a great product tool and service that you offer. You know I am impressed and behind you all the way!  :-)
Apr 07, 2008 03:31 AM #39
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