New FHA, Fannie Mae and Freddie Mac Loan Limits
Yesterday, FHA, Fannie Mae and Freddie Mac all published new loan limits that will help an estimated 250,000 more Americans to buy homes this year, or refinance their current loan in order to keep their home. The increase was made mandatory by the Economic Stimulus Act that was passed by President Bush last month. This increase will provide liquidity and stability housing markets nationwide.The Economic Stimulus Act of 2008 permits FHA to insure loans on amounts up to 125 percent of the area median house price, when that amount is between the national minimum ($271,050) and maximum ($729,750).
There are plans to return the FHA loan maximum back to $362,790 baring any additional requirements from the government.
(Source: http://www.hud.gov/news/release.cfm?content=pr08-030.cfm)
May 8th, 2008 at 10:35 pm
I found your blog via Google while searching for real estate loan and your post regarding New FHA, Fannie Mae and Freddie Mac Loan Limits looks very interesting to me. I have seen many sites before and most of them do not look this good. I cannot wait to let my friends know about this site. Thanks for the excellent content.