Tuesday, October 21, 2008

FHA and Fannie Mae / Freddie Mac Loan Limits

The maximum loan amount that is allowed for FHA loans depends on the county where the property is located. Here is the link to the FHA web site that shows all the limits.

https://entp.hud.gov/idapp/html/hicostlook.cfm

Once you're on the site, choose the correct state from the "State" drop-down menu. Then hit "Send". There is no need to select any other menu items.

In the "Limit Type" drop-down menu, the default entry is "FHA Forward". That is the name for regular FHA loans, as opposed to "HECM", which stands for Home Equity Conversion Mortgage, commonly known as a reverse mortgage.

You can also get the Fannie Mae and Freddie Mac loan limits by selecting "Fannie/Freddie" from the "Limit Type" drop-down menu.

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