Question:

What is the FHA maximum loan amount?

Answer:

FHA maximum loan amount depends on the state and county. Due to increased pressure to control the mortgage crisis, the Economic Stimulus Act of 2008 increased FHA maximum loan amounts for 2008.

As for now, FHA loan limits vary from $271,050 to $729,750. The maximum amount is only applicable to high-cost areas only. Before the 2008 Act, high-cost areas loan limits were at $362,790.

The new minimum and maximum FHA loan amounts are based on 65% and 175% of the conforming loan limit set by Freddie Mac and Fannie Mae at $417,000. The new FHA maximum loan amount will be valid through December 31, 2008. After that date, FHA maximum loan limits may drop back at $362,790 unless the FHA Modernization bill passes final approval and includes permanent FHA maximum loan amount increase.

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Common misspellings: mortage and morgage