The FHA, as part of the economic stimulus package, has published their new loan limits. The limit is the highest mortgage amount that FHA will insure. FHA insured loans are easier to sell on the secondary mortgage market because they are thought to be a lower risk investment. This results in generally lower rates for these mortgages. There is quite a bit of speculation as to whether it will truly lower the rates or not. If you have some time to kill online, everyone and their brother has an opinion on what the impact will be and there is no shortage of discussion.
Click here to go to FHA website.
Oh, and these limits are set to expire by the end of the 2008 and revert back to the previous limits, unless congress makes it permanent.
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