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Insured by the U.S. Department of Housing and Urban Development (HUD), a federal housing authority (FHA) loan is a mortgage product that is designed to provide financing for homes at a low interest rates. On March 6, 2008, the FHA raised the loan limits for government-insured home loans. HUD announced 14 counties in California would benefit from this economic stimulus package.SFGate: California gets first crack at new FHA mortgage limits (March 6, 2008) The FHA expects that more counties across the nation will be able to participate in 2008.
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Fast Facts:
- In March 2008, the mortgage limit increase included 14 high-cost counties in California
- The FHA will insure home loans up to a maximum dollar value of $729,750 SFGate: California gets first crack at new FHA mortgage limits (March 6, 2008)
- Previous FHA insurance maximum was $362,790Reuters: FHA plugs higher loan cap for troubled borrowers(June 19, 2008)
- 675,000 families are estimated to potentially qualify for the FHA insuranceReuters: FHA plugs higher loan cap for troubled borrowers(June 19, 2008)
- FHA has received nearly triple the amount on applications in 2008 as compared to 2007Reuters: FHA plugs higher loan cap for troubled borrowers(June 19, 2008)
- Initial reports by HUD stated that FHA-backed loans would be made available to 250,000 homeowners nationwideSFGate: California gets first crack at new FHA mortgage limits (March 6, 2008)
- FHA home insurance applications in 2008: 1.17 millionReuters: FHA plugs higher loan cap for troubled borrowers(June 19, 2008)
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FHA Loan Limits News
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Jumbo Mortgage Rates Stay Low Today
Just like FHA-loan limits, jumbo loan limits are set on a sliding scale according to the local housing market. Jumbo mortgage loan interest rates generally ... (February 09, 2010)HULIQ -
FHA to Increase MIP and Cut Principal Limit for Reverse Mortgage Product
After the need to reduce the principal loan limits for the second year in a row, many feel the Office of Budget and Management's assumptions regarding the ... (February 02, 2010)Reverse Mortgage Daily -
After Recording Busting 2009, CU Mortgage Lenders Face Difficult Year
But others have been more optimistic, pointing out that while FHA has never had a minimum credit score for its loans, many lenders did and that their limits ... (February 09, 2010)Credit Union Times -
Buyers in the market for new houses turning to FHA loans
"VA lending has increased about 10 percent overall," she said, "probably because of the new higher loan limits." The new limit for the Washington metro area ... (January 27, 2010)Washington Examiner
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FHA Loan Limits Questions
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What are the cons of a FHA Loan? Is there an income limit for FHA loan applicants? 1 AnswerFHA loans may not offer the amount of money that you may need say for a large mortgage payment. Fortunately FHA loans do not have an income limit. But you may w... read more -
I am young, I have limited credit, and I am trying to get a used car loan to buy a vehicle from a private party. What is the best way? 10 AnswersGet a pre-approved auto loan through your own credit union or personal bank. If they won't give you one...chances are you're not going to find one from a stran... read more
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For FHA home loans, what dictates the rate and index do they follow? 1 AnswerThe BEST information on the web about mortgages is: http://www.mtgprofessor.com/ You can actually ask a question, get an honest answer, and NO sales pitch. read more
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Whats bad in taking payday loan for a very limited period, regardless of the high APR? 5 AnswersAs you said besides the APR which can be as much as 640% ( If that's not bad enough) is the problem is that you can get caught in a terrible cycle of taking the... read more
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How To Choose A Reverse Mortgage Lender | Fha Loan Limits http://cli.gs/zZj5D
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Increased FHA Loan Limits Would Help Build Affordable Housing in NYC: In 2007 and 2008, HUD data shows that only 3... http://bit.ly/9FKu9m
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FHA loans make it Easy to buy a Florida home.: Home Page - FHA Loan - FHA Loan Limits Florida -- FHA Refinance -- ... http://bit.ly/a0LTvv
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FHA Loan Limits in all New Jersey Counties: The Federal Government recognized that home prices vary across the cou... http://bit.ly/cRfOrs
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