As we have seen the mortgage industry change in 2008, the FHA home loan has become increasingly popular. The program offers a great opportunity for purchase with little money down and a refinance with great rates.
HUD (The Department of Housing and Urban Development) announced new loan limits this week. Surprisingly, HUD decided to reduce the loan limits in many areas including most of Oregon. The new changes will take affect January 1, 2009. Marion and Polk counties will be reduced to $271,050. Please see the chart below for specific counties.
If you have questions about the FHA home loan program please don’t hesitate to email me at conrad@landmarkmortgage.com.
| 1 unit | 2 unit | 3 unit | 4 unit | ||
| Hood River County | OR | $371,450 | $475,500 | $574,800 | $714,350 |
| Clackamas County | OR | $362,250 | $463,750 | $560,550 | $696,650 |
| Columbia County | OR | $362,250 | $463,750 | $560,550 | $696,650 |
| Multnomah County | OR | $362,250 | $463,750 | $560,550 | $696,650 |
| Washington County | OR | $362,250 | $463,750 | $560,550 | $696,650 |
| Yamhill County | OR | $362,250 | $463,750 | $560,550 | $696,650 |
| Curry County | OR | $327,750 | $419,550 | $507,150 | $630,300 |
| Deschutes County | OR | $305,900 | $391,600 | $473,350 | $588,250 |
| Benton County | OR | $295,550 | $378,350 | $457,350 | $568,350 |
| Tillamook County | OR | $287,500 | $368,050 | $444,900 | $552,900 |
| Clatsop County | OR | $281,750 | $360,700 | $436,000 | $541,800 |
| Jackson County | OR | $279,450 | $357,750 | $432,400 | $537,400 |
| Lincoln County | OR | $276,000 | $353,300 | $427,100 | $530,750 |
[...] Continued here: New FHA Loan Limits [...]