The U.S. Department of Housing and Urban Development has released new FHA and conforming loan limits based on changes enacted last week as part of the massive economic stimulus bill. Under the legislation, loan limits in high-cost areas are increased to $729,750, the same as last year. They had dropped to $625,500 this year before passage of the legislation. In a Mortgagee Letter released February 25, 2009 on the change, HUD says the new loan limit for an area will be based on market calculations from either this year or last year, whichever is the higher of the two calculationsGiven current market conditions, many areas are staying at the 2008 mortgage limit. The loan limits can be accessed in a searchable form on HUD's Web site:
https://entp.hud.gov/idapp/html/hicostlook.cfm.
Source: REALTOR® Magazine Online
These are good news!Many families can now enter the housing market in high-cost areas of the country, and a large number of jumbo loan borrowers should be able to refinance to lower monthly payments.
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