At Last! HUD"s New Loan Limits
March 6, 2008
Mortgage brokers have been waiting for HUD to establish new limits for the loans that they guarantee. Yesterday these limits were announced for California. Today the limits will be announced for the rest of the country. These will be the new limits for FHA, Fannie and Freddie. There will be calculations which lenders will be doing to establish how these new limits affect individual borrowers. However, the chart that I found states that the median price in Riverside and San Bernardino counties is $400,000 making the FHA loan limit $500,000 and the conforming loan limit also $500,000.
We will be watching to see what impact these new limits have on home sales.
Mortgage brokers have been waiting for HUD to establish new limits for the loans that they guarantee. Yesterday these limits were announced for California. Today the limits will be announced for the rest of the country. These will be the new limits for FHA, Fannie and Freddie. There will be calculations which lenders will be doing to establish how these new limits affect individual borrowers. However, the chart that I found states that the median price in Riverside and San Bernardino counties is $400,000 making the FHA loan limit $500,000 and the conforming loan limit also $500,000.
We will be watching to see what impact these new limits have on home sales.
posted by shirley harry at 8:22 AM
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