The Economic Stimulus Act of 2008 will temporarily increase the loan limits for the Federal Housing Administration (FHA) and the conforming loan limits (the GSE limit) for Fannie Mae and Freddie Mac (the GSEs)
Currently: FHA loan limits for 2008 for single-family properties were 95% of the area median house price, as determined by HUD. for areas throughout the country. The GSE limit for 2008 in North Carolina was $417,000.The Plan: FHA and the GSEs' loan limits would increase to 125 percent of the area median house price for the property up to a statutory cap of 175 percent of the current GSE limit of $417,000 or $729,750 for a single-family property. Neither the new FHA nor the new GSE loan limits are uniform across the country.
For more information, please contact Ken Markison at kmarkison@mortgagebankers.org
