{"id":418,"date":"2009-04-21T16:27:31","date_gmt":"2009-04-22T00:27:31","guid":{"rendered":"https:\/\/louisvillehomesblog.com\/?p=418"},"modified":"2009-04-21T16:27:31","modified_gmt":"2009-04-22T00:27:31","slug":"new-permanent-fha-loan-limits","status":"publish","type":"post","link":"https:\/\/trepryor.com\/blog\/new-permanent-fha-loan-limits\/","title":{"rendered":"New Permanent FHA Loan Limits"},"content":{"rendered":"\n

The Federal Housing Administration (FHA) is a government agency that exists to help low income families and first time home owners achieve the American Dream of owning a home. The FHA offers direct mortgage loans<\/a> or insures (guarantees payment to lenders) loans. The FHA costs the tax payers nothing; it operates from the mortgage insurance payments made by the homeowners.<\/p>\n\n\n\n

When the FHA guarantees a loan, traditional lenders are more likely to offer a loan to a higher risk\/low income family. This all sounds like a win-win situation. However, up until recently there was one problem. The FHA would only insure a mortgage up to a maximum amount of $362,790. With the rising cost of housing, this limit was often not sufficient, leaving many Americans still unable to obtain a mortgage.<\/p>\n\n\n\n

Changes to Loan Limits<\/h2>\n\n\n\n

In February 2008, the FHA instituted a temporary Stimulus Package which raised the FHA maximum loan limit to $729,750. The Stimulus Package was slated to be in effect until December 31, 2008.<\/p>\n\n\n\n

The Housing and Economic Recovery Act of 2008 has established that beginning January 1, 2009 the new loan limits of a single family home in a low cost area will be up to $271,050 and the loan limit of a single family home in a high cost area will be a maximum of $625,500. This permanent change is nearly double the previous maximum loan limit.<\/p>\n\n\n\n

U.S. Department of Housing and Urban Development (HUD)<\/a> Secretary, Steve Preston, recently stated that \u201cthese new loan limits will ensure FHA can continue to help struggling homeowners refinance into safe, affordable government-insured loans, and allow many first-time buyers take advantage of today’s buyers market.”<\/p>\n","protected":false},"excerpt":{"rendered":"

The Federal Housing Administration (FHA) is a government agency that exists to help low income families and first time home owners achieve the American Dream of owning a home. The FHA offers direct mortgage loans or insures (guarantees payment to lenders) loans. The FHA costs the tax payers nothing; it operates from the mortgage insurance […]<\/p>\n","protected":false},"author":2,"featured_media":0,"comment_status":"open","ping_status":"open","sticky":false,"template":"","format":"standard","meta":{"ocean_post_layout":"","ocean_both_sidebars_style":"","ocean_both_sidebars_content_width":0,"ocean_both_sidebars_sidebars_width":0,"ocean_sidebar":"","ocean_second_sidebar":"","ocean_disable_margins":"enable","ocean_add_body_class":"","ocean_shortcode_before_top_bar":"","ocean_shortcode_after_top_bar":"","ocean_shortcode_before_header":"","ocean_shortcode_after_header":"","ocean_has_shortcode":"","ocean_shortcode_after_title":"","ocean_shortcode_before_footer_widgets":"","ocean_shortcode_after_footer_widgets":"","ocean_shortcode_before_footer_bottom":"","ocean_shortcode_after_footer_bottom":"","ocean_display_top_bar":"default","ocean_display_header":"default","ocean_header_style":"","ocean_center_header_left_menu":"","ocean_custom_header_template":"","ocean_custom_logo":0,"ocean_custom_retina_logo":0,"ocean_custom_logo_max_width":0,"ocean_custom_logo_tablet_max_width":0,"ocean_custom_logo_mobile_max_width":0,"ocean_custom_logo_max_height":0,"ocean_custom_logo_tablet_max_height":0,"ocean_custom_logo_mobile_max_height":0,"ocean_header_custom_menu":"","ocean_menu_typo_font_family":"","ocean_menu_typo_font_subset":"","ocean_menu_typo_font_size":0,"ocean_menu_typo_font_size_tablet":0,"ocean_menu_typo_font_size_mobile":0,"ocean_menu_typo_font_size_unit":"px","ocean_menu_typo_font_weight":"","ocean_menu_typo_font_weight_tablet":"","ocean_menu_typo_font_weight_mobile":"","ocean_menu_typo_transform":"","ocean_menu_typo_transform_tablet":"","ocean_menu_typo_transform_mobile":"","ocean_menu_typo_line_height":0,"ocean_menu_typo_line_height_tablet":0,"ocean_menu_typo_line_height_mobile":0,"ocean_menu_typo_line_height_unit":"","ocean_menu_typo_spacing":0,"ocean_menu_typo_spacing_tablet":0,"ocean_menu_typo_spacing_mobile":0,"ocean_menu_typo_spacing_unit":"","ocean_menu_link_color":"","ocean_menu_link_color_hover":"","ocean_menu_link_color_active":"","ocean_menu_link_background":"","ocean_menu_link_hover_background":"","ocean_menu_link_active_background":"","ocean_menu_social_links_bg":"","ocean_menu_social_hover_links_bg":"","ocean_menu_social_links_color":"","ocean_menu_social_hover_links_color":"","ocean_disable_title":"default","ocean_disable_heading":"default","ocean_post_title":"","ocean_post_subheading":"","ocean_post_title_style":"","ocean_post_title_background_color":"","ocean_post_title_background":0,"ocean_post_title_bg_image_position":"","ocean_post_title_bg_image_attachment":"","ocean_post_title_bg_image_repeat":"","ocean_post_title_bg_image_size":"","ocean_post_title_height":0,"ocean_post_title_bg_overlay":0.5,"ocean_post_title_bg_overlay_color":"","ocean_disable_breadcrumbs":"default","ocean_breadcrumbs_color":"","ocean_breadcrumbs_separator_color":"","ocean_breadcrumbs_links_color":"","ocean_breadcrumbs_links_hover_color":"","ocean_display_footer_widgets":"default","ocean_display_footer_bottom":"default","ocean_custom_footer_template":"","ocean_post_oembed":"","ocean_post_self_hosted_media":"","ocean_post_video_embed":"","ocean_link_format":"","ocean_link_format_target":"self","ocean_quote_format":"","ocean_quote_format_link":"post","ocean_gallery_link_images":"on","ocean_gallery_id":[],"footnotes":""},"categories":[678],"tags":[907],"class_list":["post-418","post","type-post","status-publish","format-standard","hentry","category-news","tag-fha-loan-limits","entry"],"_links":{"self":[{"href":"https:\/\/trepryor.com\/blog\/wp-json\/wp\/v2\/posts\/418","targetHints":{"allow":["GET"]}}],"collection":[{"href":"https:\/\/trepryor.com\/blog\/wp-json\/wp\/v2\/posts"}],"about":[{"href":"https:\/\/trepryor.com\/blog\/wp-json\/wp\/v2\/types\/post"}],"author":[{"embeddable":true,"href":"https:\/\/trepryor.com\/blog\/wp-json\/wp\/v2\/users\/2"}],"replies":[{"embeddable":true,"href":"https:\/\/trepryor.com\/blog\/wp-json\/wp\/v2\/comments?post=418"}],"version-history":[{"count":0,"href":"https:\/\/trepryor.com\/blog\/wp-json\/wp\/v2\/posts\/418\/revisions"}],"wp:attachment":[{"href":"https:\/\/trepryor.com\/blog\/wp-json\/wp\/v2\/media?parent=418"}],"wp:term":[{"taxonomy":"category","embeddable":true,"href":"https:\/\/trepryor.com\/blog\/wp-json\/wp\/v2\/categories?post=418"},{"taxonomy":"post_tag","embeddable":true,"href":"https:\/\/trepryor.com\/blog\/wp-json\/wp\/v2\/tags?post=418"}],"curies":[{"name":"wp","href":"https:\/\/api.w.org\/{rel}","templated":true}]}}