FHA Officially Raises Loan Limits

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Mortgage and Lending with Josh Borba - MLS Mortgage / MLS Reverse Mortgage NMLS #76821

Mortgagee Letter 2009-07 Raises Limits to $625,500 for the Home Equity Conversion Mortgage (HECM)

The U.S. Department of Housing and Urban Development published Mortgagee Letter 2009-07, which officially raises the national limit for Home Equity Conversion Mortgages from $417,000 to $625,500 for the remainder of 2009. It will also change the limits on the "forward" side as well.

From the mortgagee letter...

FHA Single Family Programs Affected:

The loan limits described in this Mortgagee Letter are effective for those mortgages insured under the following Sections of the National Housing Act: 203(b)(FHA's basic 1-4 family mortgage insurance program - including individual condominium units), 203(h)(mortgages for disaster victims), and 203(k)(rehabilitation mortgage insurance). 

FHA loan limits for Section 255, Home Equity Conversion Mortgages (HECM) are effective immediately for those loans closed on or after the date of this mortgagee letter. Further instructions for HECM loan limits are set forth below. 

Read the Full Mortgagee Letter: Mortgagee Letter 2009-07

A great place to find the new loan limits: https://entp.hud.gov/idapp/html/hicostlook.cfm

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