New limits on the maximum mortgage amounts FHA will insure on one-, two-, three- and four-unit houses took effect on January 1st.
In Kootenai County, the maximum insurable loan amount for a single family home dropped from $286,250 in 2008 to $271,050. The maximum for a duplex fell from $366,450 to $347,000. Three-unit property limits went down from $442,950 to $419,425. The maximum for a four-unit property went to $521,250 from $550,450.
The maximum HUD insurable mortgage for properties in the HOPE for Homeowners program is $550,440.
$417,000 is limit for HECM loans (Home Equity Conversion Mortgages). These are sometimes referred to as reverse mortgages.
Give me a call if you would like to explore which mortgage product might be best for your real estate objectives in 2009.
Janna Rankin Scharf, AB, GRI, CSP, CNS, CLHMS, provides a superior level of real estate services to home buyers and sellers in Coeur d'Alene and Kootenai County, Idaho. Visit www.JannaScharf.com to search for homes in the Coeur d'Alene MLS for anywhere in spectacular North Idaho.
Janna Rankin Scharf, 208.651.9700 NorthIdahoJanna@gmail.com