New FHA Loan Limits By County

FHA has issues Mortgagee Letter 08-36 which covers the New Loan Limits for 2009. The new loan limits for Illinois will be:

		1 unit	2 unit	3 unit	4 unit
Cook County	IL	$365,700	$468,150	$565,900	$703,250
DeKalb County	IL	$365,700	$468,150	$565,900	$703,250
DuPage County	IL	$365,700	$468,150	$565,900	$703,250
Grundy County	IL	$365,700	$468,150	$565,900	$703,250
Kane County	IL	$365,700	$468,150	$565,900	$703,250
Kendall County	IL	$365,700	$468,150	$565,900	$703,250
Lake County	IL	$365,700	$468,150	$565,900	$703,250
McHenry County	IL	$365,700	$468,150	$565,900	$703,250
Will County	IL	$365,700	$468,150	$565,900	$703,250
Boone County	IL	$339,250	$434,300	$524,950	$652,400
Winnebago County	IL	$339,250	$434,300	$524,950	$652,400

FHA requires properties to be owner ocupied "OO" and has changed the maximum LTV to 96.5% (3.5% downpayment) for purchases effective with all case number issued January 1, 2009 forward. Ask me for a copy of mortgagee letter 2008-23 for details.

For more information about FHA insured loans visit the FHA & VA page of my website today!

www.GregZaccagni.com & www.MortgageAdvisor.info

Posted Wednesday Nov 12