FHA To Keep Their Loan Limits the Same

FHA has announced to keep their loan limits in place for the coming year 2008. The FHA maximum loan amount is 87% of the conventional loan limit of $417,000.  Salt County falls into the 87% making the total loan amount for Salt Lake $362,790

There had been a lot of talking about raising the limits on the conventional amounts to adjust to the recent rise in home prices. Based on some articles by Peter G. Miller (Good Site) over at FHA Mortgage Guide, he talks about if loan limits go up when prices go up, then they should go down when prices go down. So in essence keeping them the same while in some markets prices are going down some is good for the housing market.

Click for a table of FHA Loan Limits for Utah Metro Areas.