New FHA limits to help the downspiraling economy
March 6th, 2008In an effort to help homeowners, HUD is temporarily changing the FHA loan limits. Effective March 6, 2008, the new FHA loan limits range from $271,050 to $729,750. The new maximum amount of $729,750 will only be available in extremely high-cost metropolitan areas, for comparison, the previous limit in these areas was $362,790. Use this interactive map to view the FHA loan limits in your area.
The temporarily increased FHA loan limits are part of the Economic Stimulus ACT of 2008 and are believed to help provide liquidity and stability in the volatile housing market in the US. These temporary increases are effective until January 2009 and then the limits will decrease to their previous amounts unless the U.S. Congress approves a legislation to permanently increase loan limits.
