HUD officially rolled out the new higher limits for FHA loans yesterday, and the conforming loan limits for Fannie Mae and Freddie Mac were also increased. The government is hoping that these new limits will help an estimated 250,000 new people become homeowners and benefit areas with high real estate values. The cap increases max out at $729,750 for single family homes, $934,200 for duplexes, $1,129,250 for triplexes, and $1,403,400 for fourplexes.
The maximum levels were reached in several counties across California, as well as places like Washington D.C. and the metro New York City area. To see the new conforming loan cap in your county check out the FHA mortgage limits tool on HUD’s website. The tool also has the new Fannie Mae and Freddie Mac conforming loan limits, although they are basically the same as the FHA ones.
These new loan limits last only for the rest of the year and revert to the old levels in January 2009, barring any legislative changes. For more details about the new limits you can find out more on HUD’s website.