Stimulus To Set New Loan Limits For Salt Lake
February 15th, 2009 Categories: 2009 Stimulus, Real Estate News
New Loan Limits For Salt Lake Home Buyers
The bill will keep last year’s 2008 limits that expired on December 31st.
These limits were equal to the greater of 125% of the 2008 local area median home price or $271,050 for FHA and $417,000 for Fannie and Freddie, with an overall maximum cap of $729,750.
Also the bill includes language providing the HUD Secretary with the ability to increase the loan limit for any “sub-area”, i.e.an area smaller than a county.
The Secretary’s discretion is again limited by the $729,750 cap. These 2009 limits will expire December 31, 2009.
Below is a chart showing the 29 Utah Counties loan limits, with Salt Lake and Tooele being the highest. Tooele you ask? The smaller counties that are not given an MSA (metro service area) by the Dept of HUD are attached to another county.
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|
County |
FHA |
Fannie/Freddie |
| BEAVER |
$271,050 |
$417,000 |
| BOX ELDER |
$271,050 |
$417,000 |
| CACHE |
$271,050 |
$417,000 |
| CARBON |
$271,050 |
$417,000 |
| DAGGETT |
$292,500 |
$417,000 |
| DAVIS |
$397,500 |
$417,000 |
| DUCHESNE |
$271,050 |
$417,000 |
| EMERY |
$271,050 |
$417,000 |
| GARFIELD |
$271,050 |
$417,000 |
| GRAND |
$271,050 |
$417,000 |
| IRON |
$271,050 |
$417,000 |
| JUAB |
$323,750 |
$417,000 |
| KANE |
$383,750 |
$417,000 |
| MILLARD |
$271,050 |
$417,000 |
| MORGAN |
$397,500 |
$417,000 |
| PIUTE |
$271,050 |
$417,000 |
| RICH |
$286,250 |
$417,000 |
| SALT LAKE |
$729,750 |
$729,750 |
| SAN JUAN |
$271,050 |
$417,000 |
| SANPETE |
$271,050 |
$417,000 |
| SEVIER |
$271,050 |
$417,000 |
| SUMMIT |
$729,750 |
$729,750 |
| TOOELE |
$729,750 |
$729,750 |
| UINTAH |
$271,050 |
$417,000 |
| UTAH |
$323,750 |
$417,000 |
| WASATCH |
$431,250 |
$431,250 |
| WASHINGTON |
$372,500 |
$417,000 |
| WAYNE |
$271,050 |
$417,000 |
| WEBER |
$397,500 |
$417,000 |
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