Saturday, January 10, 2004

FHA Announces increased single-family home mortgage limits

The Federal Housing Administration announced that it is now insuring single-family home mortgages up to $160,176 in low cost areas and up to $290,319 in high cost areas. This represents an increase of more than three percent. The loan limits for two, three and four unit dwellings also increased.

FHA-insured loans require only a 3% down payment. HUD adjusts the loan limits annually to account for rising home prices.

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