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New Home Loan Limits Announced
PLEASE NOTE: HomeStreet Loan Officers are
now able to quote rates and fees on both FHA and Conventional loans within the
higher limits. However, we are still updating our online loan center, so please
call your local
Loan Officer or our Customer Service Center at 800-809-1377 for a rate
quote on these loans.
Federal Housing Administration (FHA) loan limits have increased in most areas,
while conventional loans limits have increased in certain “high cost” counties.
- Customers seeking to purchase or refinance properties will be able to take
advantage of increased loan limits where available.
- FHA loan limits are being raised, in part to allow borrowers to refinance out of
Adjustable Rate Mortgages (ARMs) into fixed-rate loans. These
limits are set by the U.S. Department of Housing and Urban Development on a
county-by-county basis.
View a list of the new FHA loan limits in your state at the following links:
- Conventional conforming loan limits ($417,000
in Washington and Oregon, $625,500 in Hawaii for single family homes) are also
being increased in high cost areas. These loans are for single family
properties (including condominiums) only, and are restricted to purchase and
“no cash back” refinances of first mortgage loans only.
View a list of conforming loan limits in your state at the following links:
- The initial
interest rates on loan amounts above the former FHA and conventional conforming
limits are slightly higher than those within the old limits. However, they are
considerably more attractive than rates found on other high balance (“jumbo”)
loans.
- These
changes are scheduled to be effective only until the end of 2008, unless
extended by Congress. Check back frequently for updates – more details will be
added as they become available.
Call 1-800-809-1377 or contact your local Loan Officer for the latest information.
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