Minnesota Mortgage Blog

The temporary higher mortgage limits that went into effect for FHA loans under the Housing and Economic Recovery Act (HERA) are expiring 10/01/2011 and will be reduced to the FHA Mortgage limits in effect prior to the temporary increase.
 
Barring Congressional action, Federal Housing Administration (FHA) loan limits will revert back to 2008 loan limits determined under the Housing and Economic Recovery Act (HERA) for loans insured by FHA on or after October 1, 2011. As a result, FHA loan limits would likely decline in 669 of the 3,334 counties or county equivalents that are eligible for FHA insurance. A complete list of FHA loan limits for the 669 potentially affected counties and county equivalents is provided in Table 1of this Market Analysis Brief. The remaining 2,665 counties are unlikely to experience a change in loan limits. 
 
 
Posted by Jamie Larkin, Mortgage Advisor on July 29th, 2011 9:18 AMPost a Comment (0)

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