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Connecticut FHA New TEMPORARY Loan Limits 2009

By
Mortgage and Lending with George Souto NMLS #65149 FHA, CHFA, VA Mortgages NMLS #65149

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

Posted by

George Souto
NMLS# 65149

C (860) 573-1308
CALL 7 Days/Wk
Fax (860) 760-6891

Email Me
About Me
My Blog

I am a Mortgage Loan Officer who can assist you with all your mortgage & refinancing needs in
CT, and RI

I can assist you with your Conventional,
FHA, CHFA, VA, USDA, & 203K loan programs.

I reside in Middlesex County which includes Middletown, Middlefield, Durham, Cromwell, Portland, Haddam. E. Haddam, Higganum, Chester, Essex, Deep River.

 

Comments(15)

Celeste "SALLY" Cheeseman
Liberty Homes - Mililani, HI
(RA) AHWD CRS ePRO OAHU HAWAII REAL ESTATE

dibs  :)

Okay..now I have to go look what ours is.... Okay...yours shows some significant difference in figures for each county...this is what ours looks like.

Great info George.....:)

I was going to put ours but it hogged your whole comment section LOL

Feb 26, 2009 05:51 AM
Jeff Dowler, CRS
eXp Realty of California, Inc. - Carlsbad, CA
The Southern California Relocation Dude

George - well this is good news for some folks. Some of the rates in our part of town are similar from what I have seen.

Jeff

Feb 26, 2009 05:52 AM
Jamie Dumaine-Russell
RE/MAX Alliance - Branford, CT

George - I'm so glad that you posted this.  I was curious about what the amount would be for New Haven County.  Will be looking foward to the Fannie Mae & Freddie Mac numbers.

Feb 26, 2009 06:15 AM
Joan Whitebook
BHG The Masiello Group - Nashua, NH
Consumer Focused Real Estate Services

I am keeping my fingers crossed -- I didn't know it was the investors that had an influence on what is finally agreed to and accepted.  Keep us posted on what you find out.

Feb 26, 2009 06:29 AM
George Souto
George Souto NMLS #65149 FHA, CHFA, VA Mortgages - Middletown, CT
Your Connecticut Mortgage Expert

Sally, you know that you are always welcome to hog all you want on my blog :)

Jeff, I just hope that investor accept something close to these limits.

Donna, I will post them once I have them.

Feb 26, 2009 06:33 AM
George Souto
George Souto NMLS #65149 FHA, CHFA, VA Mortgages - Middletown, CT
Your Connecticut Mortgage Expert

Joan you got in there while I was commenting.  Yes I am looking forward to see what they have to say myself.

Feb 26, 2009 06:35 AM
Esko Kiuru
Bethesda, MD

George,

Let's see how investors will adopt these new limits in light of home values heading south just about everywhere. Fannie Mae's and Freddie Mac's upcoming input is also important.

Feb 26, 2009 08:14 AM
Neal Bloom
Brokered by eXp Realty LLC - Weston, FL
Realtor CRS-Weston FL Real Estate

So George...what about FL? Do we see the same changes?

Feb 26, 2009 08:21 AM
George Souto
George Souto NMLS #65149 FHA, CHFA, VA Mortgages - Middletown, CT
Your Connecticut Mortgage Expert

Esko it would be nice if they agreed to limits close to these, I have a couple of Borrowers that it would make a world of difference to.

Neal, I have not looked at the Florida limits but I would suspect that they are just about what they were when FHA increased the limits early last year.  FHA then came back later in the year and lowered them again, but the new ones should reflect the earlier ones.  If you go to the FHA website and pull up Mortgagee letter 2009-0, you should find them there.

Feb 26, 2009 12:29 PM
Dena Stevens
Rocky Mountain Realty - Canon City, CO
Putting The Real Into Realtor Since 2004

The loan limits are great, however, we're still having problems getting people into the mortgage company to ask for loans regardless of the limits. Pueblo still has a bunch of people sitting on the fence. Our average home is still under $140,000 which is great, to bad nobody seems interested. Love 'ya George!

Feb 26, 2009 01:06 PM
George Souto
George Souto NMLS #65149 FHA, CHFA, VA Mortgages - Middletown, CT
Your Connecticut Mortgage Expert

Dena hopefully everything that has been going on will motivate Buyers to take the next step.

Feb 26, 2009 01:13 PM
Ann Hayden 636-399-7544
Berkshire Hathaway HomeServices Select Properties-St. Louis Missouri - Des Peres, MO
SelectAnn.com

George,

Now if I could just qualify for the 4 unit.....

Ann Hayden in chilly Wildwood, Missouri

Feb 27, 2009 01:52 PM
George Souto
George Souto NMLS #65149 FHA, CHFA, VA Mortgages - Middletown, CT
Your Connecticut Mortgage Expert

Ann, no problem all you have to do is just sell a couple of more houses :) :)

Feb 27, 2009 02:08 PM
Jennifer Fivelsdal
JFIVE Home Realty LLC | 845-758-6842|162 Deer Run Rd Red Hook NY 12571 - Rhinebeck, NY
Mid Hudson Valley real estate connection

George - Thanks for this update, I better find out the limits for my area.  If only the credit situation would loosen up a bit.

Feb 27, 2009 03:41 PM
George Souto
George Souto NMLS #65149 FHA, CHFA, VA Mortgages - Middletown, CT
Your Connecticut Mortgage Expert

Jennifer they should be the same as they were in early 2008 before FHA lowered them again.

Feb 27, 2009 03:51 PM