New higher FHA loan limits of $1,094,625.00 mean even the wealthy can use the FHA to save their home

PRLog (Press Release) – Apr 18, 2008 – It’s now clear that the perfect storm of financial crisis has hit American homeowners.  
Foreclosures are up 57% over 2007.  Bankruptcies are running 40% ahead of last year.  Mortgage application volume is up 60+% over the same period last year.  In a frantic attempt to avoid foreclosure and bankruptcy, hundreds of thousands of homeowners caught up in the sub-prime fiasco have been flooding mortgage companies with refinancing applications they may not even qualify for.  

Yet significant relief may have just arrived.  The FHA just raised its maximum loan amount significantly.  The new FHA maximum loan amount is an incredible $1,094,625.00 in some areas, greatly surpassing the old limits of $417,000.00.    

Utilizing FHA refinancing programs, credit repair counseling and bankruptcy when absolutely necessary, swamped homeowners may be able to save their home.  In fact, the new higher FHA loan limits of $1,094,625.00 mean even the wealthy may be able to refinance.  

Troubled consumers should consult with a legal advisor as quickly as possible.  The faster they respond to a credit crisis the more options they have for solving it.  Far too many people are hiding their heads in the sand and ending up losing their homes.