Question:

Will 2008 FHA loan limits remain the same as the 2007 FHA maximum mortgage limits?

Answer:

As of writing of that article, 2008 FHA limits remain the same as the 2007 FHA maximum mortgage limits.

Following Freddie Mac loan limits, and these remain unchanged, 2008 FHA loan limits will not exceed the 2007 FHA maximum mortgage limits for FHA 203b (1-4 unit family mortgage insurance program), 203h (mortgages for disaster survivors), 203k (home rehab mortgage insurance), 223e (properties in declining areas), 234c (condos), and FHA 255 HECM ( Home Equity Conversion Mortgage).

2007 and 2008 basic standard FHA maximum mortgage limits remain at:

One-Unit Two-Unit Three-Unit Four-Unit
$200,160 $256,248 $309,744 $384,936

For high cost areas as California, New York, Massachusetts, and others, the 2007 FHA maximum mortgage limits are as follow:

One-Unit Two-Unit Three-Unit Four-Unit
$362,790 $464,449 $561,411 $697,696

For the regions of Hawaii, Alaska, Guam and the Virgin Islands, 2007 and 2008 FHA maximum loan limits will remain at 150% of the limits for high cost areas, due to higher construction costs.

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