Will NJ Home Buyers Benefit From New Loan Limits?
March 8th, 2008 Categories: Buying a Home in NJ, NJ First Time Home Buyers, NJ Mortgage Update
New Jersey Home Buyers should benefit from the new FHA and Fannie Mae-Freddie Mac conforming loan limits released by the US Department of Housing & Urban Development on March 6, 2008.
The new loan limits for FHA and Fannie Mae-Freddie Mac are now calculated at 125% of the HUD published median prices, with a floor of $271,050 and $417,000, respectively, not to exceed $729,750.
Use this link to find out the new limits in your area. This will take you to the “mortgage limits” page at the HUD website.
- On that page, enter your state and county information.
- Chose the type of loan from the “Limit Type” drop-down box: FHA Forward (HUD’s name for the temporary FHA loan limit), Fannie/Freddie or HECM.
- Then click the “send” button at the bottom of the page.
- On the results page, you’ll see the new loan limit for the type of loan you selected for your area.
Realtor.org also provides a county-by-county listing of the new loan limits here.
The impact of these loan limit increases on the New Jersey housing market could be significant. Lower interest rates across the board should result with this infusion of capital into the mortgage market. In addition, there will be a direct impact on high-cost areas of New Jersey (ie. Short Hills, Summit, Livingston) that previously required borrowers to take out costlier jumbo mortgages.
NOW is the time to Refinance or BUY A NEW HOME
in New Jersey.
If you need any New Jersey Real Estate advice please contact
Perri K. Feldman at 973.650.4727
or email Perri@MidtownDirectHomes.com
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