FHA Loan Limits May Rise by March 1 2008
February 26th, 2008 Categories: FHA loan limit, FHA loan limit increase, Mortgage News
According to a report from MortgageDaily.com, H.U.D. spokesman Lemar Wooley states that FHA loan limits may rise by March 1st 2008.
Amidst the quagmire of explanations regarding new conforming and FHA loan limit interpretations and implementation schedules, Mr. Wooley offers the most succinct language yet:
“In areas where the median home price is above $583,800, the maximum FHA loan limit will be $729,750, HUD indicated. In areas where the median price is below $216,840, the FHA limit will be $271,050.”
“Look at it this way, all FHA loans will fall in between $271,050 and $729,750.”
So, it appears there will be 9 months of increased FHA loan limits since they’re set to expire December 31, 2008.
Alas, this is but one piece in a thousand piece puzzle.
To check where your county’s median home price resides, visit HUD’s site.
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