HUD announced changes to FHA's single-family loan limits yesterday, the result of initiatives within the American Recovery and Reinvestment Act of 2009. For 2009, the maximum mortgage limit for an area is either the 2008 limit or 2009 limit - whichever is higher. The new loan limits, effective for any loan closed in calendar year 2009, remain in effect through Dec. 31, 2009. Note, however: Because an area's new loan limit is the highest value out of two years, HUD no longer has a process for appealing the limit. To view HUD's complete mortgagee letter online, go to: http://www.hud.gov/offices/adm/hudclips/letters/mortgagee.
To find the FHA limit for your area, go to: https://entp.hud.gov/idapp/html/hicostlook.cfm or email/call me for help.
© 2009 FLORIDA ASSOCIATION OF REALTORS®
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