Conforming Loan Limit Increased

The President signed H.R. 5140 yesterday. This is the $168 billion Economic Stimulus Plan which was rushed through Congress. The mortgage conforming loan limits have been adjusted as part of the bill. The conforming loan limits have been raised to 125% of the median home price, the limit is not to exceed $729,750. This bill also increases the loan limit on FHA guaranteed mortgage loans.

I’ve received a few e-mails already asking what the new loan limits are in the Phoenix metro area. I don’t know. The reason is the HUD has 30 days from yesterday (February 13) to provide their official loan limits for every area. They will compute the median home price for each area and then publish an official conforming loam limit list. So, be patient. I will have that information on this blog as soon as it becomes available.

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