Ever since the passage of the New Stimulus Package, we have been anxiously awaiting FHA to formally announce their new higher Loan Limits. This finally happened yesterday when FHA published Mortgagee letter 2009-07 which included the 2009 TEMPORARY FHA loan limits which will be the same as the 2008 TEMPORARY LIMITS. I say TEMPORARY because they will only be in effect until December 31, 2009, unless FHA extends them. Below are the new FHA TEMPORARY Loan Limits for Connecticut.
However, these new TEMPORARY LIMITS will not go into effect until investors start accepting them, which should happen over the next couple of weeks. For Example when FHA came out with these same limit in the beginning of 2008, investors did not fully adopt them, investors increased them, but not to the full FHA Limits. This could very well be the case once again, but at least it will give hope to some who can not qualify for a Conventional Mortgage.
Fannie Mae and Freddie Mac have not yet announced their loan limits, but it is expected that they will very soon. I will post Fannie Mae and Freddie Mac once they formally announce them.
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Info about the author:
George Souto is a Loan Officer who can assist you with all your FHA, CHFA, and Conventional mortgage needs in Connecticut. George resides in Middlesex County which includes Middletown, Middlefield, Durham, Cromwell, Portland, Higganum, Haddam, East Haddam, Chester, Deep River, and Essex. George can be contacted at (860) 573-1308 or gsouto@mccuemortgage.com
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