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New FHA Loan Limits

New FHA loan limits are expected by March 14. The change was included in the economic stimulus package which was signed by the president on February 13. The new limits have not been established yet, however. HUD (the department of Housing and Urban Development has 30 days from the the time the legislation was signed to develop the new limits, so it may be March 14 before we know what the limits will be. In addition, loans based on the new limits must be approved on or before December 31, 2008. If the new limits are not extended by then, the current loan limits may replace the new loan limits. Fannie Mae and Freddie Mac federally insured loans remain at the current level of $417,000.

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