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FHA Limits Set

2008 limit unchanged at $362,790

January 25, 2008

By MortgageDaily.com staff

The U.S. Department of Housing and Urban Development has announced loan limits for government-insured loans, though they might not last long.

On loans insured by the Federal Housing Administration and endorsed this year, the single-family loan limit has been established at $362,790, according to a mortgagee letter issued last week. The new limit applies to properties located in high-cost areas.

For two-unit properties, the limit is $464,449, while the limit is $561,411 on three-unit properties and $697,696 on four-unit properties, the letter said.

For one-unit properties in low-cost areas, the limit is $200,160, HUD said.

"For all other areas, i.e., those where 95% of the median home price for the area is in between the floor and the ceiling, the limit shall be at 95% of the median home price.," the letter stated.

Properties located in Alaska, Guam, Hawaii and the Virgin Islands are eligible for FHA loans that are 150 percent of the high-cost limit -- currently $544,185 on a single-family property, according to HUD.

FHA limits are based on a maximum of 87 percent of the conforming limit established for Freddie Mac, which is currently $417,000.

The latest FHA limit is unchanged from 2007 and 2006.

But an economic stimulus package announced Thursday by President Bush proposes to permanently raise the FHA limit to $729,750.

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