HUD Announces New FHA and Agency Loan Limits
More than a week early, the Department of Housing and Urban Development (HUD) released the new FHA and GSE (Fannie/Freddie) loan limits for 2008 today.
Authorized by The Economic Stimulus Act of 2008, which was signed into law on February 13, 2008, the new FHA limit is based on 125% increase of each county's median price, with a minimum of $271,050 and a maximum of $729,750. The increased Fannie Mae and Freddie Mac loan limit follows the same formula, with a minimum of $417,000 and a maximum of $729,950. For the most part, these numbers are the same as the FHA limits except in lower-cost counties, where the Fannie/Freddie limits will be higher.
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