North Idaho Janna

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New, Lower Limits on HUD Insured Loans for 2009 in Kootenai County

New limits on the maximum mortgage amounts FHA will insure on one-, two-, three- and four-unit houses took effect on January 1st. 

In Kootenai County, the maximum insurable loan amount for a single family home dropped from $286,250 in 2008 to $271,050.  The maximum for a duplex fell from $366,450 to $347,000.  Three-unit property limits went down from $442,950 to $419,425.  The maximum for a four-unit property went to $521,250 from $550,450.

The maximum HUD insurable mortgage for properties in the HOPE for Homeowners program is $550,440.

$417,000 is limit for HECM loans (Home Equity Conversion Mortgages).  These are sometimes referred to as reverse mortgages.

Give me a call if you would like to explore which mortgage product might be best for your real estate objectives in 2009.

Janna Rankin Scharf, AB, GRI, CSP, CNS, CLHMS, provides a superior level of real estate services to home buyers and sellers in Coeur d'Alene and Kootenai County, Idaho. Visit www.JannaScharf.com to search for homes in the Coeur d'Alene MLS for anywhere in spectacular North Idaho.

Janna Rankin Scharf, 208.651.9700  NorthIdahoJanna@gmail.com

ThanksgivingJanna Rankin Scharf  provides a superior level of real estate services to home buyers and sellers in Coeur d'Alene and Kootenai County, Idaho. Visit www.JannaScharf.com to search for homes in the Coeur d'Alene MLS for anywhere in spectacular North Idaho.

No matter how grand or modest your real estate dreams may be, you can turn to me in confidence.  Give me a call today and let me know what I can do to be of service to you!

Janna Rankin Scharf AB, GRI, CSP, CNS, CLHMS  208.651.9700

7 comments • Janna Rankin Scharf - Realtor Coeur d'Alene and North Idaho Homes • January 04 2009 02:42AM

Comments

Morning Janna,

I wonder if these reductions are reflective of the revised market values of real estate. The reduction amounts aren't that significant and shouldn't have a serious impact on market activity.

Posted by Harold (Hal) Place (A1 Connection Realty, Inc.) 10 months ago

Hi Janna, Good information! Thanks for the link!

Posted by Mary Douglas, REALTOR ®, Red Feather Lakes, Colorado (United Country Ponderosa Realty) 10 months ago

Janna, More good, positive news worth hearing about! Great post!!!

Posted by Paul Henderson, Realtor ® Lacey & DuPont Washington homes (RE/MAX Professionals & Four Seasons Inc.) 10 months ago

Our loan limits dropped in Anne Arundel County, Maryland, as well. I don't think consumers are worried, but lenders and real estate agents are sck about the decreased borrowing power for our customers and clients.

Posted by Margaret Woda, Maryland Real Estate (Long and Foster, Crofton Real Estate) 10 months ago

Thanks, Janna.  I wonder why they did this?  It doesn't seem to be real impactful.

Posted by Kent Anderson (Coldwell Banker Resort Realty) 10 months ago

Those lower HUD limits are a testiment and a sign of the times :-(

Posted by Myrl Jeffcoat (GreatWest GMAC Real Estate) 10 months ago

Hi Janna, it seems that HUD is dropping everywhere. We were over $400,000, but I think we're back to the mid-200's again. ;-)

Pepper

Posted by **Mesa, Arizona Real Estate** Teri Ellis, Broker (Homes Arizona Real Estate LLC) 10 months ago

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