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Real Estate Professionals Redding

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HIGHER FHA LOAN LIMITS SET TO EXPIRE SOON

FHA LOANS, HOME LOANS, INDUSTRY NEWS, REAL ESTATE LEGISLATION
November 13th, 2008

Homeowners hoping to refinance out of a risky loan into a fixed-rate FHA loan better hurry. In February, a Federal Stimulus Package temporarily raised the FHA loan limits to $729,750 through December 31,2008. The catch is you must have your loan processed and closed by this date. Taking into account the average processing time for a FHA loan, anyone needing to take advantage of the higher loan limits better be signed up by tomorrow!

Beginning January 1, 2009, FHA will insure single-family home loans up to $271,050 in low cost areas and up to a maximum of $625,500 in high cost areas. The good news is the new permanent maximum for high cost areas far exceeds the old limit of $362,790 that was in effect prior to the Stimulus Package.

Contact a local mortgage banker, broker or institutional lender for details.

www.movetoredding.com

www.bradgarbutt.com

bradgreps@yahoo.com

530-224-6767 or 530-941-7492

BRAD GARBUTT

REALTOR/BROKER ASSOCIATE

REAL ESTATE PROFESSIONALS GMAC

QUARTER CENTURY LOCAL REAL ESTATE EXPERIENCE

This entry was posted on Thursday, November 13th, 2008 at 1:38 pm and is filed under FHA LOANS, HOME LOANS, INDUSTRY NEWS, REAL ESTATE LEGISLATION. You can follow any responses to this entry through the RSS 2.0 feed. You can leave a response, or trackback from your own site.

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