Current Loan Limits & FHASecure to Expire

The current loan limits for Freddie Mac, Fannie Mae, and the Federal Housing Administration (FHA) that were part of the economic stimulus package are due to expire on December 31, 2008.

On January 1, 2009, lower permanent loan limits enacted by Congress in July 2008 will become effective. For Freddie Mac and Fannie Mae, the maximum limit will drop from $729,000 in 2008 to $625,000 in 2009; the limits will not go below $417,000.

For FHA, the maximum limits will also drop from $729,000 to $625,000 while the minimum loan limits will not go below $271,050. As a result, loan limits will be recalculated in each county and metro area. View the loan limits for 2008 and 2009.

The FHASecure mortgage refinance program will also expire on December 31, 2008.The Hope for Homeowners program is available to offer refinance options for borrowers seeking assistance to avoid foreclosure.

Source: NJAR


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