New Loan Limits For Both Conventional and FHA

March 6th, 2008 Categories: FHA, Mortgage

FHA Raises It’s Loan Limits Along with

Fannie Mae and Freddie Mac

Yesterday the limit on conforming loans were raised from $417,000 to $729,750. This can help the housing market for sure and help reduce the debt service of those that currently have loans from $417,000 to 700,000. Before anything over $417,000 was considered a jumbo loan and jumbo loans usually carry a higher interest rate.

One of the problems that came from the sub-prime debacle is the secondary market for jumbo loans, it is rapidly disappearing. Normally a jumbo loan is more risky, but $417,000 in some markets is not jumbo it is a starter home. Also what about the guy that bought a $630,000 home and put down 20%, that is $126,000 cash and a $504,000 loan. I don’t see the risk there, but because it was above the conforming limit it was.

FHA released it’s limits today. Here is a list of the Utah FHA Limits by County

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New Loan Limits For Both Conventional and FHA at Sub Prime on The Finance World For News and Information Around The World On Finance said at March 6th, 2008 at 9:25 pm
[...] New Loan Limits For Both Conventional and FHA FHA Raises It’s Loan Limits Along with Fannie Mae and Freddie Mac Yesterday the li [...]
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