Nov 10 2008
2009 FHA and FANNIE / FREDDIE Loan Limits
In March 2008, as a result of the Economic Stimulus Package, FHA, Fannie Mae and Freddie Mac raised their loan limits. These increases had a deadline of December 31, 2008.
The new limits were just announced for 2009.
Effective January 1, 2009:
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CLARK COUNTY FHA - $287,500 (down from $400,000)
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CLARK COUNTY FANNIE / FREDDIE - $417,000 (no change)
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NYE COUNTY FHA - $271,050 (down from $325,000)
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NYE COUNTY FANNIE / FREDDIE - $417,000 (no change)
If you have buyers looking to put down less than 10% and they are looking for a home priced over $296,000, they need to find a home quickly.
Loans must be locked by 12/13/2008 and fund by 12/31/2008. No exceptions.
Also, as a reminder, the minimum down payment on FHA loans will go up to 3.5% from its current 3% on January 1, 2009 as well.
