FHA Loan Limits Restored

Last Friday, November 18, 2011, President Obama signed a bill that restored the loan limits for FHA (Federal Housing Administration) mortgages. For homeowners in the Inland Empire area (Riverside and San Bernardino counties) the loan limits went from $355,350 back up to $500,000.

However, this bill only increased FHA loans, and did not include Fannie Mae or Freddie Mac. Currently, Fannie Mae and Freddie Mac loan limits are at $417,000. Keep in mind, President Obama did pass a new refinance program for Fannie Mae and Freddie Mac that will benefit underwater mortgages.

With the loan limits being restored to $500,000 until December 31, 2013, we can expect more home sales within the next two years. Overall the FHA loan limit increase will benefit future homeowners.

Posted on November 22, 2011, in Mortgage, Real Estate and tagged , , , , , . Bookmark the permalink. 8 Comments.

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