Loan Limits Increases For FHA in the Bay Area

HUD has published the new mortgage limits in ML 2009-07.  The new limits are in effect for loans with credit approval in 2009. This Mortgagee Letter provides information on Federal Housing Administration (FHA) single family loan limits that have changed as a result of the American Recovery and Reinvestment Act of 2009 (ARRA) signed into law on February 17, 2009.  These limits are effective for those loans for which credit is approved in calendar year (CY) 2009 and will remain in effect until December 31, 2009.  The new limits for High Cost areas are as follows:

One-Unit         $729,750
Two-Unit         $934,200
Three-Unit       $1,129,250
Four-Unit         $1,403,400

The limits are determined by the county in which the property is located. Click here for a complete schedule of FHA mortgage limits by county. Also, clickhere to view the entire Mortgagee Letter. Once on the web site, go to Document Number 09-07.

Please let me know if you have any questions. Have a great day, and I look forward to hearing from you.

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