The FHA does set limits on FHA mortgage loans, and these mortgage limits can vary by county and state. FHA mortgage loan limits are based upon HUD's determination which considers the Fannie Mae and Freddie Mac limits on conventional mortgage loans. The mortgage limits are also figured out according to type of single family residence. (or 2 unit, 3 unit, 4 unit family dwellings) If your research indicates that FHA mortgage loan limits in a nearby county are more lenient, you may wish to consider buying a home in the area with the higher limit. If you live on the edge of 2 counties, find out which one offers the best FHA mortgage limits before making your home purchase.
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FHA mortgage standards and make it easier for people to do an FHA mortgage refinance, particularly if they have an adjustable rate mortgage that started with a low "teaser" rate and then went up drastically.
Financing your dream home is easy with the new FHA loan programs
FHA Home Loan Limits All Loans subject to FHA loan limits by state and county (see www.hud.gov ). Check these popular listings for new mortgage limits queried specifically by state. The loan limits were recently increased by HUD. Since home loan limits can vary from state to state, please contact your assigned loan officer to verify applicable loan increases.
For many homeowners who are in default or facing the prospect of foreclosure, $362,790 is just not enough to cover their existing mortgage. Congress is being urged to raise the maximum FHA loan guarantee to $417,000 which is the limit for conforming loans that can be sold to Fannie Mae and Freddie Mac, but even this is not enough for many home owners in high cost areas like California, so this program is not for everyone, but the best estimates are that somewhere between 80,000 and 240,000 families will be able to benefit from these new quick and efficient government refinance loans.
Therefore, a new program has been introduced, called FHA Secure. This is sort of an FHA streamline program and it can bring financing assistance to many desperate home owners. These new, quick and efficient government refinance loans are designed to help people refinancing ARM or Adjustable Rate loans into stable, fixed rate home loans. They offer rate and term refinancing only, no cash out and borrowers must have good payment history. Traditional FHA home loans are not available to homeowners who are behind on their payments, or are in foreclosure, but these new loans are different.