Thursday, March 13, 2008

New FHA Loan Increases: The Sky is Not the Limit

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


No comments: