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HUD Announces New, Permanent FHA Mortgage Loan Limits for 2009

WASHINGTON - U.S. Department of Housing and Urban Development Secretary Steve Preston today announced the new Federal Housing Administration (FHA) mortgage loan limits for single-family homes as prescribed by the Housing and Economic Recovery Act of 2008.

Beginning January 1, 2009, FHA will insure single-family home mortgages up to $271,050 in low cost areas and up to a maximum of $625,500 in high cost areas. The February 2008 Stimulus Package temporarily raised the FHA maximum to $729,750 through December 31, 2008. The new $625,500 maximum, however, represents a significant increase over the $362,790 limit that was in effect prior to the Stimulus Package.

Wisconsin and Illinois High cost areas and their loan limits:

Illinois High Cost Areas:

$365,700 Loan Amount Limit

Cook County, DeKalb County, DuPage County, Grundy County, Kane County, Kendall County, Lake County, McHenry County, Will County

$339,250 Loan Amount Limit
Boone County and Winnebago County

Wisconsin High Cost Areas:

$365,700 Loan Amount Limit
Kenosha County

$318,550 Loan Amount Limit
Pierce County and St. Croix County

$281,750 Loan Amount Limit
Milwaukee County, Ozaukee County, Washington County and Waukesha County

Many low-income and first time homebuyers are attracted to FHA insured loans because the agency requires only a three-percent down payment.

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