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Loan limits for mortgages insured by the Federal Housing Administration have been temporarily raised from $362,790 to $729,750 for Long Island.

The new maximum, which took effect March 6 and lasts until Dec. 31, is intended to make it easier for families to get mortgages in high-cost areas such as Long Island. The change was part of the Economic Stimulus Act signed last month by President George W. Bush in response to an economy weakened by the housing slump and subprime mortgage and credit crisis, record-high gas and oil prices and other problems.
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Tags: fha mortgages limits

This entry was posted on Thursday, March 27th, 2008 at 8:58 pm and is filed under Mortgage News. You can follow any responses to this entry through the RSS 2.0 feed. You can leave a response, or trackback from your own site.