Great News Great Lafayette...
As of 3-6-08 the new loan limits for FHA and Fannie Mae and Freddie Mac are now calculated at 125 percent of the HUD published median prices, with a base of $271,050 and $417,000, respectively, not to exceed $729,750.
We hope that there will be a huge impact to the housing market by increasing these loan limit amounts. We also hope to see lower interest rates as a result. This change brings more affordability to many more prospective homeowners that can now quality for higher FHA amounts and avoid expensive jumbo mortgages.
The National Association of Realtors did research and found that...by increasing FHA loan limits this will help an additional 138,000 Americans achieve the dream of home ownership and will allow nearly 200,000 homeowners to refinance and potentially keep their home. Also, the National Association of Realtors (NAR) feels that raising the loan limits for Fannie Mae and Freddie Mac will fire up the housing finance market, which continues to be severely stressed, by providing an immediate ramp up to the nation's mortgage market.
To find out the new limits in Tippecanoe County, visit https://entp.hud.gov/idapp/html/hicost1.cfm
-Or- to find limits for otherareas click: http://go-to.realtor.org/r/ZBINLA/QF6RM/EUWJD/KSG4J/J9A5D/B7/h, which will take you to the "mortgage limits" page at the HUD web site. On that page, enter your state and county information.
Please review your financing options as this may make a significant impact on you. Call The Romanski Group at (765) 807-7121 with any questions or concerns and if you are considering purchasing a new home
Comments (0)Subscribe to CommentsComment