FHA Loan Limits increased to $402,500 in the Lehigh Valley:
On March 6, the U.S. Department of Housing and Urban Development published new FHA and conforming loan limits, based on median home prices as mandated by the Economic Stimulus Act signed by President Bush in February. New loan limits for FHA and Fannie Mae and Freddie Mac are now calculated at 125 percent of the HUD published median prices.
In the Lehigh Valley, single-family FHA loan limits increased from $305,666 to $402,500 effective immediately. NAR was deeply involved in advocating for this positive change. NAR expects the impact on the housing market to be significant because of the infusion of capital into the mortgage market, which should result in lower interest rates across the board. In addition, there will be a direct impact on high-cost areas that previously required borrowers to take out costlier jumbo mortgages. If you need more info contact me at findit@LehighValleyRealty.com
On March 6, the U.S. Department of Housing and Urban Development published new FHA and conforming loan limits, based on median home prices as mandated by the Economic Stimulus Act signed by President Bush in February. New loan limits for FHA and Fannie Mae and Freddie Mac are now calculated at 125 percent of the HUD published median prices.
In the Lehigh Valley, single-family FHA loan limits increased from $305,666 to $402,500 effective immediately. NAR was deeply involved in advocating for this positive change. NAR expects the impact on the housing market to be significant because of the infusion of capital into the mortgage market, which should result in lower interest rates across the board. In addition, there will be a direct impact on high-cost areas that previously required borrowers to take out costlier jumbo mortgages. If you need more info contact me at findit@LehighValleyRealty.com
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