Last week, President Bush signed into law a $152 billion economic stimulus bill that includes temporary increases in loan limits for the government sponsored enterprises ie. Freddie Mac, Fannie Mae and FHA until December 31. In order to help sort all of this out Realtor.Org has put up a page explaining the new loan limits and breaking them down by each county in the country.
The chart for each county can be found here:
From the National Association of Realtors:
“NAR expects the impact on the housing market to be significant because of the infusion of capital into the mortgage market, which should result in lower interest rates across the board. In addition, there will be a direct impact on high-cost areas that previously required borrowers to take out costlier jumbo mortgages”
For Kane County, Utah this in the second such raise in just six months. Our new limit under the economic stimulus bill is $383,750 up from $291,129.
Coconino County, Arizona, has been increased from $324,000 to $450,000.
Kane Counties last increase was in August of 2007 when new FHA/HUD loan limits went into effect for certain counties nationwide.
According to the HUD/ FHA website, the August increase in loan limits centered around the fact that home prices have increased dramatically the last few years in Kane County.
FHA found that many buyers were well qualified but lacked sufficient down payment funds. The August 2007 increase in loan limits went from the previous $204,250 to $291,129 and was designed to help more consumers in purchasing a single family home.
A big “thank you” should go out to all Kane County real estate and mortgage professional who were instrumental in gathering the data FHA used to determine the August increase, according to HUD regional director, John Carson.