Idaho Reverse Mortgage
HUD RAISES VALLEY COUNTY’S FHA MORTGAGE INSURANCE LIMITS
BOISE — More low-to-moderate-income homebuyers in Valley County may be eligible for FHA insurance on their mortgages and home improvement loans under new mortgage limits released this week by the U.S. Department of Housing and Urban Development.
The new mortgage limit for a one-family unit is $189,050, up from $172,632. The previously existing mortgage limits for a duplex ($220,992), a triplex ($267,120) and a four-plex ($331,968) remain unchanged.
“These higher loan limits are in response to recent rapid increases in the average price of affordable housing in Valley County. The new limits should help more people in Valley County purchase homes using FHA mortgage insurance,” said Connie Hogland, Boise Field Office Director.
The new loan limits are part of HUD’s ongoing program designed to ensure FHA’s loan limits keep pace with rising average home prices. Under federal law, loan limits are tied to the conforming loan limits of Freddie Mac and Fannie Mae, federally chartered corporations that buy and package mortgages. The higher FHA loan limits will not cost the government because the FHA Insurance Fund is fully supported by premiums paid by borrowers who receive FHA insurance.
3380 Americana Terrace
Mailing Address:
Tel: (208) 334-3833
HUD RAISES VALLEY COUNTY’S FHA MORTGAGE INSURANCE LIMITS
BOISE — More low-to-moderate-income homebuyers in Valley County may be eligible for FHA insurance on their mortgages and home improvement loans under new mortgage limits released this week by the U.S. Department of Housing and Urban Development.
The new mortgage limit for a one-family unit is $189,050, up from $172,632. The previously existing mortgage limits for a duplex ($220,992), a triplex ($267,120) and a four-plex ($331,968) remain unchanged.
“These higher loan limits are in response to recent rapid increases in the average price of affordable housing in Valley County. The new limits should help more people in Valley County purchase homes using FHA mortgage insurance,” said Connie Hogland, Boise Field Office Director.
The new loan limits are part of HUD’s ongoing program designed to ensure FHA’s loan limits keep pace with rising average home prices. Under federal law, loan limits are tied to the conforming loan limits of Freddie Mac and Fannie Mae, federally chartered corporations that buy and package mortgages. The higher FHA loan limits will not cost the government because the FHA Insurance Fund is fully supported by premiums paid by borrowers who receive FHA insurance.
3380 Americana Terrace
Mailing Address:
Tel: (208) 334-3833
HUD RAISES VALLEY COUNTY’S FHA MORTGAGE INSURANCE LIMITS
BOISE — More low-to-moderate-income homebuyers in Valley County may be eligible for FHA insurance on their mortgages and home improvement loans under new mortgage limits released this week by the U.S. Department of Housing and Urban Development.
The new mortgage limit for a one-family unit is $189,050, up from $172,632. The previously existing mortgage limits for a duplex ($220,992), a triplex ($267,120) and a four-plex ($331,968) remain unchanged.
“These higher loan limits are in response to recent rapid increases in the average price of affordable housing in Valley County. The new limits should help more people in Valley County purchase homes using FHA mortgage insurance,” said Connie Hogland, Boise Field Office Director.
The new loan limits are part of HUD’s ongoing program designed to ensure FHA’s loan limits keep pace with rising average home prices. Under federal law, loan limits are tied to the conforming loan limits of Freddie Mac and Fannie Mae, federally chartered corporations that buy and package mortgages. The higher FHA loan limits will not cost the government because the FHA Insurance Fund is fully supported by premiums paid by borrowers who receive FHA insurance.
3380 Americana Terrace
Mailing Address:
Tel: (208) 334-3833
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