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Old 03-06-2008, 08:37 AM
 
Location: Charlotte, North Carolina
5,137 posts, read 15,080,708 times
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https://entp.hud.gov/idapp/html/hicostlook.cfm

Go to Limit type 'FHA Forward' to Fannie/Freddie

Not all areas went up...only the real high cost areas.
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Old 03-06-2008, 08:47 AM
 
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Thanks renriq. Went up to $345k here in Minneapolis.
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Old 03-06-2008, 08:48 AM
 
Location: Charlotte, North Carolina
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that's for FHA.....how about the conforming side?
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Old 03-06-2008, 11:24 AM
 
Location: northern california
380 posts, read 2,112,693 times
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Thanks for the link!

Quote:
Originally Posted by renriq02 View Post
that's for FHA.....how about the conforming side?
Excuse my ignorance, but what do you mean the "conforming side?" I thought the FHA limit was part of what made a loan a "conforming" loan -- ie, the FHA limit plus other requirements?

I looked up Yolo County, California, and it shows $580k for a single-family "FHA Forward." Is that now the limit for a conforming loan before you go into Jumbo rates? It also says $362,790 for HECM and $580k for Fannie/Freddie, but I'm not sure what to do with those numbers.

Thanks again for all your help (and patience ).
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Old 03-06-2008, 11:27 AM
 
Location: Charlotte, North Carolina
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you need to change 'FHA Forward' to 'Fannie/Freddie'

FHA's bottom limit was 200k...now it's 271k
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Old 03-06-2008, 11:28 AM
 
Location: Charlotte, North Carolina
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The conforming limit was 417k.....in some areas it has gone up to 729k

It seems that now they're side by side with FHA.
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Old 03-06-2008, 12:33 PM
 
Location: northern california
380 posts, read 2,112,693 times
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Ok, just read an article on bankrate.com and re-reading renriq02 posts, I think I'm starting to understand . . .

So Fannie/Freddie are the government sponsored companies that buy the loans and loans falling under their guidelines are "conforming loans." Loans above their limits are Jumbo loans. Lenders traditionally set lower interest rates for conforming loans than Jumbo loans since they can resell them to Fannie/Freddie.

FHA loans are loans insured by the federal government. FHA-insured mortgages are usually at lower interest rates than non-FHA insured since theyr'e government insured. On the link you gave, the "FHA Forward" is the limit for FHA loans.

Did I get that right? And what is HECM?
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Old 03-06-2008, 03:46 PM
 
687 posts, read 2,907,813 times
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renriq02, thanks so much for posting this. You made my day! We're in NJ and building a house due in May and soooo excited not to have to do a Jumbo. Conflicting information we've gotten during the last few weeks had made it unclear whether or not we'd be under the new ceiling, but we are.
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Old 03-06-2008, 03:53 PM
 
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Mine went up $500
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Old 03-06-2008, 03:54 PM
 
Location: Charlotte, North Carolina
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500 bucks? lol


seriously?
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