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UPDATE
03/07/2008 The new FHA loan limits our out.
You can
Search FHA Maximum County Mortgage Limits by State
Kenosha County, Cook County, Dupage County,
Dekalb County, Grundy County, Kane County, Kendall
County and Lake County
for a single family home are
now set at a maximum of $410,000. This is great news!
UPDATE 1/15/2008:
Section 202 of the Economic Stimulus Act of 2008
temporarily increases the FHA loan limits. Here is an
excerpt of section 202:
Establishes a temporary loan limit increase for
FHA-insured mortgages in specified high-cost areas for
which a borrower received credit approval by December
31, 2008.
Grants the Secretary of Housing and Urban Development
(HUD) discretionary authority to increase loan limits in
2008 based upon the size and location of residences in
particular areas.
Directs the Secretary to publish the median house prices
and mortgage principal obligation limits as revised by
this Act not later than 30 days after its enactment.
As soon as these increases are implemented we will post
another update on this page.
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WASHINGTON - Housing and Urban Development
Secretary Alphonso Jackson today announced that the
Federal
Housing Administration (FHA) has kept its single-family
home mortgage limits unchanged from 2007 limits.
Effective January 1, 2008,
FHA
will continue to insure single-family home mortgages up
to $200,160 in standard areas and up to $362,790 in high
cost areas. The high cost amount is still almost $50,000
more than two years ago. The loan limits for two-, three-
and four-unit dwellings also remain unchanged.
In 2005, the loan limits were $172,632 in standard areas
and $312,895 in high cost areas. Six years ago, the limits
ranged from just $132,000 to $239,250. These levels
were below the cost of many homes in many communities. As
a result, families who needed
FHA
mortgage insurance to qualify to buy a home were effectively
locked out of the process.
The unchanged loan limits are part of an
annual adjustment
HUD
makes to account for rising home prices. Under federal law,
loan limits are tied to the conforming loan limits of Freddie
Mac and Fannie Mae, federally chartered corporations that
buy and package mortgages. HUD calculates the FHA mortgage
loan limit for 3,226 geographic areas within the United
States. The limits vary from area to area, but all fall
within the new rage of $200,160 to $362,790.
Many low-income and first time homebuyers
are attracted to
FHA
insured loans because the agency requires only a three-percent
down payment.
additional
FHA information
Search FHA Maximum County Mortgage Limits by State
Current FHA Mortgage
Rates
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Programs
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