New Loan Limits released for FHA loans

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Mortgage and Lending with VanDyk Mortgage - VA, FHA, Conventional, VA Jumbo, Jumbo, Purchase Loans, & Refinance, Direct Lender NMLS 220268 / 3035

New Loan Limits released for FHA loans

 

HUD has finalized the new 2008 loan limits for FHA Government backed loans. The new limits increase the max loans for FHA from just over $368K up to $729,750.

Although the highest amounts are for high cost metropolitan areas such as Los Angeles, New York, & San Francisco, Every county in America benefits from an increase in the FHA loan limit from $200K to a new minimum limit of $271,050. This helps to increase the number of US households that can qualify to purchase and refinance their homes.

You can find the new limits for your area here: 2008 Loan Limits .

FNMA & FHLMC, AKA Fannie Mae & Freddie Mac, are both GSE's or Government Sponsored Enterprises that purchase loans made by Mortgage Banks that meet their criteria. The new loan limits for Fannie & Freddie rose from $417K up to $729,750 as well in many areas, depending on Geographic area based on housing prices. Many areas did experience a significant increase in this amount, even if it didn't go to the max ceiling. For instance, Seattle homes can now qualify up to $569,500, and San Diego homes now qualify up to $697,500.

Please do not hesitate to call us to find out if the new loan limits can help your financial plans.

Our toll free number is 866-900-2342, ask for Brian Skaar.

You may also apply online to get your home loan quote at http://www.vandykfunding.com/ , simply click on the Loan Application button at the top of the page.

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