FHA HIKES LIMITS

If you’re a mortgage lender or REALTOR, homebuyer or homeowner in one of the Northwest’s high-cost housing markets – like Seattle, Portland, Boise, Tacoma, Anchorage, Eugene, Olympia, Fairbanks, Corvallis, Vancouver, Juneau, Salem, Bremerton, Sitka or Bend – the recently-enacted stimulus package – aka, the American Recovery & Reinvestment Act of 2009 has something very important to you – higher FHA mortgage insurance limits.  The higher limits are in effect for loans for which credit is approved in calendar year 2009 and will remain in effect until December 31, 2009. The higher limits give homebuyers a larger inventory of homes from which to choose and give more homeowners in a volatile market the chance to refinance into, says HUD Secretary Donovan, FHA’s “safe, affordable mortgage products.”  To find out if limits in your market have increased, visit https://entp.hud.gov/idapp/html/hicostlook.cfm

This entry was posted on Thursday, May 21st, 2009 at 9:25 pm and is filed under goverment.