Higher FHA Loan Limits Will Help Loan Origination in 2012

By · November 25, 2011 · Filed in Mortgage Lead News

The higher FHA loan amounts will no doubt help lenders and brokers increase their loan origination in 2012. President Obama signed the bill that extends higher loan limits for FHA.  Borrowers that need a FHA mortgage loan amounts up to $729,750 will be excited. FHA still only requires a 3.5% down payment even if you are a first time home buyer. The higher FHA loan limits will offer significant relief in high-cost areas of California; metropolitan Washington, D.C.; New York, New Jersey and scattered counties in other states including Massachusetts, Florida and North Carolina. The higher loan limits were not extended for Fannie Mae and Freddie Mac. Most believe that the program called Home Affordable Refinance will help the borrowers trying to refinance a loan owned by Fannie or Freddie.

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