Many of my clients have been excited to hear that the government has increase the Federally insured lending limits to over $700,000 without the loan being considered a jumbo (ie higher interest rate) loan.
Great news , right?
Hold it. That news is based on the average sales price of a home. Areas like California and New York City will reap the higher rewards, but here is what Cook County Residents can expect from the increase. Basically, if you are buying a multi-unit family building your conforming loan limits improved but standard single-unit condos or homes are at the same limits as before (for Cook County and the collar counties). See how your area is impacted here:
NEW FHA LOAN LIMITS | |||||||
Effective 03/06/2008 | |||||||
MSA Name | County Name | County | State | One-Family | Two-Family | Three-Family | Four-Family |
Code | |||||||
CHICAGO-NAPERVILLE-JOLIET, IL METROPOLITAN DIVISION | COOK | 31 | IL | $410,000 | $524,850 | $634,450 | $788,450 |
CHICAGO-NAPERVILLE-JOLIET, IL METROPOLITAN DIVISIO | DUPAGE | 43 | IL | $410,000 | $524,850 | $634,450 | $788,450 |
CHICAGO-NAPERVILLE-JOLIET, IL METROPOLITAN DIVISIO | KANE | 89 | IL | $410,000 | $524,850 | $634,450 | $788,450 |
CHICAGO-NAPERVILLE-JOLIET, IL METROPOLITAN DIVISION | KENDALL | 93 | IL | $410,000 | $524,850 | $634,450 | $788,450 |
LAKE COUNTY-KENOSHA COUNTY, IL-WI METROPOLITAN DIV | LAKE | 97 | IL | $410,000 | $524,850 | $634,450 | $788,450 |
CHICAGO-NAPERVILLE-JOLIET, IL METROPOLITAN DIVISION | WILL | 197 | IL | $410,000 | $524,850 | $634,450 | $788,450 |
CHICAGO-NAPERVILLE-JOLIET, IL METROPOLITAN DIVISION | MCHENRY | 111 | IL | $410,000 | $524,850 | $634,450 | $788,450 |
SPRINGFIELD, IL (MSA) | SANGAMON | 167 | IL | $271,050 | $347,000 | $419,400 | $521,250 |
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