New FHA Loan Limits & The Condo Loan Center
By Erica Farthing 19 03 2009
Good news for FHA loans! As of last week, there are new maximum loan limits that are available due to the American Recovery & Reinvestment Act. These new loan limits are for new and existing loan applications that are submitted with credit approval on or after March 12, 2009.
Here is a list of the 2009 FHA Maximum Mortgage Limits*:
$729,750 for one-unit properties
$934,200 for two-unit properties
$1,129,250 for three-unit properties
$1,403,400 for four-unit properties
These new limits open up the possibilities for many new buyers! Now lenders can go as high as a $729,750 loan amount with only 3.5% down! So if you are in the market to buy and have previously been unable to put 10-20% down, this is excellent news!
Contact Christina Longo immediately for more information at 978.886.9359
View the all-new Condo Loan Center to learn more information. The Condo Loan Center offers everything from first-time homebuyer programs with down payment assistance, to private mortgage banking with unlimited loan amounts. In addition, the Condo Loan Center has the ability to act as a broker gives clients even more loan programs. Through the Condo Loan Center, you can rest assured that you will be provided with a competitive loan that meets your individual needs.
A complete schedule of FHA’s maximum county mortgage limits can be viewed through the HUD website by clicking here
*the list excludes financed UFMIP or EEM cost
Great news! Perhaps this will open up additional opportunities for buyers who are well qualified but are still being refused home loans.