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 March 03, 2009

Limits Released on FHA and Conforming Loans
Based on changes enacted last week as part of the economic stimulus legislation, the U.S. Dept. of Housing and Urban Development has recently released new FHA and conforming loan limits.
As part of the new bill, loan limits remain the same as last year at a ceiling of no more than just under $730,000. Limits had fallen to a level of just below $626,000 prior to the passage of the new legislation.

The Dept. of Housing and Urban Development states that the new limits will be based on individual area market conditions calculated from either 2008 or 2009, whichever ends up being the greater of the two.

With current market conditions being what they are, several markets around the nation are holding at the mortgage limit posted in 2008.