Home Buying in 94404>Question Details

Mike Jones, Home Buyer in 94404

Does anyone know when the max FHA loan amount will go back up to $729,500?

Asked by Mike Jones, 94404 Mon Feb 23, 2009

Currently have a house under contract but would consider terminating, as raising the loan amount back up will have a substantial impact.

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Answers

8
Mike, new loan limits have been approved see link below, now this has to get to the lenders, not sure how long it will take:
http://www.fhfa.gov/webfiles/1279/CLLarra022309_final.pdf

Chris
1 vote Thank Flag Link Mon Feb 23, 2009
My understanding is sometime in March.
1 vote Thank Flag Link Mon Feb 23, 2009
Hi Mike, not sure of the exact date, guessing about two weeks from announcement, but you can check for yourself at this site:

https://entp.hud.gov/idapp/html/hicostlook.cfm

Best, Steve
1 vote Thank Flag Link Mon Feb 23, 2009
Hi Mike - Just heard from Wells Fargo that Fannie Mae has given the green light to offer the 729 loans. WFB is now retooling their systems and working with their staff to roll out the new product. No word on when that will be.
0 votes Thank Flag Link Mon Apr 13, 2009
Mike, the lenders who have this right now are "few and far between." Would suggest no action on your part until 2nd week of March to allow for some additional funding options. Best- Steve
0 votes Thank Flag Link Wed Feb 25, 2009
Thanks Steve.
That's great news, I also saw the increased limit on the FHA website.

Thanks again.
0 votes Thank Flag Link Wed Feb 25, 2009
Mike: Just as a closing note (pardon the pun), I am now seeing rate sheets with Agency Jumbo pricing. Best , -Steve
0 votes Thank Flag Link Wed Feb 25, 2009
Thanks for your answers, much appreciated!
0 votes Thank Flag Link Wed Feb 25, 2009
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