| Earlier this year HUD announced the raising of F.H.A. | | | | The raising of the loan limits for F.H.A. are a part of the |
| loan limits as overall lending guidelines were being | | | | Economic Stimulus Act and as it's name suggests, it is |
| tightened. The raising of the F.H.A. loan limits should be | | | | put in effect to help stimulate the economy. It's too |
| an economic stimulus and increase the opportunities | | | | early to tell if the temporary limits have helped the |
| for many in buying a home. | | | | economy but when enough time has gone by to get |
| The limits have been raised in some counties to a high | | | | good statistics, the temporary loan limits will have |
| of $729,750 and a national average of $329,000. F.H.A. | | | | expired. That is unless Congress extends it. One can |
| loan limits will range between $271,050 to $729,750. | | | | assume that the raising of the F.H.A. loan limits surely |
| There are 75 areas in the U.S., out of a total of | | | | cannot hurt the economy. |
| approximately 3200, that will be eligible for the highest | | | | In order to apply for an F.H.A. loan, it's best to contact |
| loan limit of $729,750. Previously, FHA's loan limits in | | | | an experienced loan originator who is familiar with |
| these very high-cost areas were capped at $362,790. | | | | F.H.A. lending guidelines and has a support staff that |
| The increased loan limits are considered to be | | | | has experience with F.H.A. and is an approved F.H.A. |
| temporary. The loan limits are temporary through | | | | lender. On top of the standard F.H.A. guidelines, lenders |
| December 31, 2008. In January 2009 the limits will | | | | can impose their own guidelines, so not all F.H.A. lending |
| return back to a maximum of $362,790. | | | | is the same. |