Thursday, March 06, 2008

HUD Announces NEW FHA and Agency Loan Limits

More than a week early, the Department of Housing and Urban Development (HUD) released the new FHA and GSE (Fannie/Freddie) loan limits for 2008 today.
The new loan limits for the entire country can be accessed from HUD's website

To filter your search results, go to the Limit Type drop-down box and select FHA, Fannie/Freddie, or HECM and click send.

You can search by metropolitan statistical area and county among other things. All counties in the MSA will have the same limit as the highest cost county in the MSA. So for example, I looked up SnohomishCounty, Washington and the limit is $567k. Snohomish is part of the Seattle MSA. So the entire Seattle MSA will have a limit of $567k.

Below are some I've have looked up already:
NYC Metro: 729k
CA big coastal counties to 729k (San Diego to 700k)
Sacramento: 580k
Baltimore: 560k
DC area: 729k
Providence: 475k
few non metro areas like Nantucket to 729k
Riverside: 500k
Seattle: 567k

Authorized by The Economic Stimulus Act of 2008, which was signed into law on February 13, 2008, the new FHA limit is based on 125% increase of each county's median price, with a minimum of $271,050 and a maximum of $729,750. The increased Fannie Mae and Freddie Mac loan limit follows the same formula, with a minimum of $417,000 and a maximum of $729,950. For the most part, these numbers are the same as the FHA limits except in lower-cost counties, where the Fannie/Freddie limits will be higher.

I wanted to get this to all of you ASAP because I know this is of great interest. Stay tuned for more information.

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