» The Raising of F.H.A. Loan Limits Raises Economic Hopes

Earlier this year HUD announced the raising of F.H.A. loan limits as overall lending guidelines were being tightened. The raising of the F.H.A. loan limits should be an economic stimulus and increase the opportunities for many in buying a home.
The limits have been raised in some counties to a high of $729,750 and a national average of $329,000. F.H.A. loan limits will range between $271,050 to $729,750. There are 75 areas in the U.S., out of a total of approximately 3200, that will be eligible for the highest loan limit of $729,750. Previously, FHA's loan limits in these very high-cost areas were capped at $362,790.
The increased loan limits are considered to be temporary. The loan limits are temporary through December 31, 2008. In January 2009 the limits will return back to a maximum of $362,790.

The raising of the loan limits for F.H.A. are a part of the Economic Stimulus Act and as it's name suggests, it is put in effect to help stimulate the economy. It's too early to tell if the temporary limits have helped the economy but when enough time has gone by to get good statistics, the temporary loan limits will have expired. That is unless Congress extends it. One can assume that the raising of the F.H.A. loan limits surely cannot hurt the economy.

In order to apply for an F.H.A. loan, it's best to contact an experienced loan originator who is familiar with F.H.A. lending guidelines and has a support staff that has experience with F.H.A. and is an approved F.H.A. lender. On top of the standard F.H.A. guidelines, lenders can impose their own guidelines, so not all F.H.A. lending is the same.

For informatinon on an F.H.A. mortgage or any of your mortgage needs, You may contact Bill Burress, North America Mortgage Manager at Toll Free 1-800-239-1416. or fill out the 30 Second Inquiry Form

Copyright © 2008 Bill Burress, Nationwide Mortgage Originator. All rights reserved worldwide.