Beginning January 1, 2009, FHA will insure single-family home mortgages up to $271,050 in low cost areas and up to a maximum of $625,500 in high cost areas. The February 2008 Stimulus Package temporarily raised the FHA maximum to $729,750 through December 31, 2008. The new $625,500 maximum, however, represents a significant increase over the $362,790 limit that was in effect prior to the Stimulus Package.
Illinois and Wisconsin High cost areas and their loan limits:
Illinois High Cost Areas:
$365,700 Loan Amount Limit
Cook County, DeKalb County, DuPage County, Grundy County, Kane County, Kendall County, Lake County, McHenry County, Will County
$339,250 Loan Amount Limit
Boone County and Winnebago County
Wisconsin High Cost Areas:
$365,700 Loan Amount Limit
Kenosha County
$318,550 Loan Amount Limit
Pierce County and St. Croix County
$281,750 Loan Amount Limit
Milwaukee County, Ozaukee County, Washington County and Waukesha County
Many low-income and first time homebuyers are attracted to FHA insured loans because the agency requires only a three-percent down payment.
additional FHA information
Yyour Wisconsin and Illinois FHA mortgage broker:
Toll Free: (877) 240-5810
dennis.hardy@
http://www.madisonmortgageguys.com
Visit my blog at http://www.madisonmortgageguys.com/
FHA loan limit announcement:
