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The final version of the Economic Stimulus Act was signed by the President on February 13th
The increase is for FHA loans that are approved on or before 12-31-2008. $271,050 is the new FHA floor, based on 65% of Freddie Mac current limits. The previous floor was $200,160 based on 48% of Freddie Mac limits.
The new limits will be the lesser of:
125% of the Area Median Price; or $729,750 which is 175% of 2008 Freddie Mac limits. HUD has 30 days after enactment to define the Area Median Prices in the Country and publish the new loan limits.
The areas with low median prices will go to $271,050. The areas with high Area Median Prices can go as high as $729,750. But until we know what HUD will use for Area Median Prices, we won't know what any of the exact amounts are.
When do you think that we will see this happen? As I am trying to sell my home and it is in New York, this will definitely make it more attractive to buyers to get bigger mortgages
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