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Effective March 6, 2008, HUD
will offer temporary FHA
Jumbo loan limits
that will range from $271,050 to $729,750 (Limits). Overall, the
change in loan limits will help provide economic stability to
America's communities. The maximum amount of $729,750 will only
be applicable to extremely high-cost metropolitan areas.
Previously, FHA's loan limits in these very high-cost areas were
capped at $362,790.
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). The new minimum and maximum loan limits are based on 65
percent and 175 percent of the conforming loan limits for
Government-Sponsored Enterprises in 2008, which is $417,000. The FHA
used a combination of existing government data sets and available
commercial information to determine the median sales price for each
area. The change in loan limits are applicable to all FHA-insured
mortgage loans endorsed with HUD’s publication of the increased loan
limits today, and it is temporary.
With the number of homeowners applying daily,
it is important for you to act quickly, so please,
Apply Now so that our FHA Mortgage
Specialists can help you, today.
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FHA Jumbo Home Purchase Program
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FHA Jumbo Refinance Loans
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