FHA Increases Jumbo Loan Limits

Sept. 24, 2012 - PRLog -- Although the jumbo maximum loan amount was recently dropped, it has been increased again by the Federal Housing Administration. The new limit allows loans to be as much as 125% of the median price of homes in the local area. The absolute maximum amount is $729,750 for any area.

This is a significant change since loans offered by Fannie Mae and Freddie Mac will still be maxed out at $625,500. The new loan limits allowed by FHA are being extended until the close of the year 2013.

Considering the growing popularity of the FHA loan over the past few years, expanding the loan limits will be a big boost to numerous areas all across the country.  This type of mortgage is generally more accessible to a larger number of home buyers and current homeowners who need to refinance. It can also help bring some stability to real estate values.

The new limits, along with the Home Affordable Modification Program, could be exactly what many people need in order to get their finances back in order and look forward to a brighter future.

For additional program information, visit our FHA page http://www.madisonmortgageguys.com/government_loans/fha_w...

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