August 24, 2011
Recently the FHA issued a press release announcing new FHA limits which take effect October 1, 2011. On that day, single family loan limits in high-cost counties would be lowered, but the majority of the country would see no change to FHA loan limits, according to the FHA official site.
The new loan limits were originally implemented in 2008 as part of the Housing and Economic Recovery Act, but those limits were delayed under the Economic Stimulus Act of 2008.
Under the new FHA loan limits, “The current standard (floor) loan limit for areas where housing costs are relatively low will remain unchanged at $271,050 for one-unit properties.
Joe Wallace has been specializing in military and personal finance topics since 1995. His work has appeared on Air Force Television News, The Pentagon Channel, ABC and a variety of print and online publications. He is a 13-year Air Force veteran and a member of the Air Force Public Affairs Alumni Association. He was Managing editor for www.valoans.com for (8) years and is currently the Associate Editor for FHANewsblog.com.
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