Dave Sutton
Windermere Cronin & Caplan Realty Group, Inc.
Dave Sutton :: Direct: 503-505-9722 :: Email: davesutton@windermere.com :: www.davesuttonhomes.com
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FHA Loan Limits Dropped 10/31. Reinstatement passed Congress 11/18-11
Posted on September 16, 2011
Update 11/20/11
Congress Restores FHA Loan Limits.
This action will help make mortgages more affordable and accessible for hard-working, middle class families in 669 counties in 42 states and territories. It reinstates the FHA loan limits (see the amount for each Oregon county below - now back to "Current FHA Loan Limit" ) through 2013. However, Congress chose not to apply the loan limits restoration to Fannie Mae and Freddie Mac. Mortgage backed by those two organizations will remain at the 115 percent of local area median home prices up to $625,000.
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FHA loans are about half of the home loans made today. The current FHA loan limits have been in place since February of 2008, when Congress set them as part of the Emergency Stimulus Act. Housing conditions have not improved enough to warrant letting the limits drop. Here's how the loan limits will change in Oregon counties unless Congress acts. You might want to let your Member of Congress know how you feel about that. Oregon members contact information is here
| County | Current FHA Loan Limit | Limit as of 10/1/2011 | Difference | |
|
|
|
|
| |
| Benton | $337,500 | $295,550 | ($41,950) | |
| Clackamas |
| $362,250 | ($56,500) | |
| Clatsop | $347,500 | $281,750 | ($65,750) | |
| Columbia | $418,750 | $362,250 | ($56,500) | |
| Curry | $351,250 | $327,750 | ($23,500) | |
| Deschutes | $447,500 | $305,900 | ($141,600) | |
| Hood River County | $393,750 | $371,450 | ($22,300) | |
| Jackson County | $422,500 | $279,450 | ($143,050) | |
| Josephine County | $325,000 | $271,050 | ($53,950) | |
| Lane | $343,750 | $271,050 | ($72,700) | |
| Lincoln | $312,500 | $276,000 | ($36,500) | |
| Marion | $295,000 | $271,050 | ($23,950) | |
| Multnomah | $418,750 | $362,250 | ($56,500) | |
| Polk | $295,000 | $271,050 | ($23,950) | |
| Tillamook | $343,750 | $287,500 | ($56,250) | |
| Washington | $418,750 | $362,250 | ($56,500) | |
| Yamhill | $418,750 | $362,250 | ($56,500) |
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