NAR: Home prices are firming

Real Estate News Blog Headline

Higher maximum loan limits coming soon

As I’m sure you are all already aware, single family High Cost loan limits (for FNMA,FHLMC, and FHA) have changed as a result of the American Recovery and Reinvestment Act of 2009 (ARRA) signed into law on February 17, 2009.

In essence, the residential mortgage industry will be reverting back to 2008 levels ($729,750 max for 1 unit). These new limits will remain in effect until the end of 2009.

Although FHA has already made these changes on their website, we are still awaiting guidance from the Agencies and our Government Investors for “rules of engagement” and pricing. We anticipate this information will be released in early March. Until then, we are business as usual.

Please stay tuned as more information becomes available in the coming days.

Posted: February 25, 2009

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