Temporary Loan Limit Increases - Now Available

You may have heard about the recent Economic Stimulus Package and the resulting temporary loan limit increases across the country. Here's an overview of what these changes may mean for you.

• Call 1-800-224-7116
• Or Get Started Online Apply now

For starters, the stimulus package impacts two basic types of home financing options:

Federal Housing Administration (FHA)

The new package calls for a temporary increase in loan limits for FHA-insured mortgages. The range for these FHA-backed loans has been increased as follows:

• Current Range -- $200,500 - $362,750
• Temporary Adjusted Range -- $271,500 - $729,750 (available until December 31, 2008)

What this means is that some areas of the country may now be eligible for FHA-insured loans up to $271,500 while other areas may obtain FHA financing up to $729,750. Still, other areas may fall somewhere in between. Where you may fall within this range is determined by the U.S. Department of Housing and Urban Development (HUD) based on a percentage of the median sales price for your area.

Given that the entire range of loan limits has shifted upward, this increase means that thousands of current homeowners and potential home buyers across the nation may now be eligible for an affordable, FHA home loan alternative. Borrowers in many parts of the country were previously "capped out" from leveraging the FHA program. These same borrowers may now be eligible for FHA-insured financing up to the highest loan limit for their area - providing them an opportunity to potentially reduce their interest rate and/or monthly payment, or to purchase a new home under the FHA mortgage program.

Government-Sponsored Enterprises (GSE) - Fannie Mae and Freddie Mac

The new stimulus plan also temporarily increased the conforming loan limits set by the Government-Sponsored Enterprises or GSEs. These are the agencies that purchase certain types of mortgage loans from lenders - providing ongoing liquidity for the conforming mortgage market. Conforming loans are typically more affordable by means of a lower interest rate than non-conforming or "jumbo" home loan options and are usually more readily available in the market.*

The new conforming loans limits have been increased for a single family property as follows:

• Current Conforming Limit -- $417,000
• Temporary Adjusted Conforming Limit -- $729,750 (available until December 31, 2008)

The actual new limit for your area is based on a percentage of the area median sales price for the Metropolitan Statistical Area (MSA) in which your property is located. Although the new limit of $729,750 is only available in certain high-cost areas of the country, many MSAs across the nation saw temporary increases to the conforming loan limit over the "current" limit of $417,000.

Find out if you can benefit from the temporary loan limit increases.

The Economic Stimulus Package was developed to provide immediate relief to homeowners with larger loan amounts typically found in higher cost areas of the country by combining a more affordable price with greater access to home financing options. To find out if you can benefit from a new FHA or jumbo conforming home loan under the new loan limits, call 1-866-436-0620 for a free Economic Stimulus Package home loan analysis today. Or click here to schedule FREE, no obligation loan consultation.

For the new FHA or Fannie Mae / Freddie Mac loan limits in your area, visit the HUD web site at:

https://entp.hud.gov/idapp/html/hicostlook.cfm
(Note: Select the "Limit Type" drop down to specify Fannie/Freddie versus FHA.)

* Product guidelines and pricing for home loan applications under the temporary "jumbo conforming" loan limit increases will differ from lending parameters for home loans under traditional conforming amounts.

Equal Housing Lender. © 2008 Countrywide Bank, FSB, Countrywide Home Loans Division. Member FDIC. Trade/service marks are the property of Countrywide Financial Corporation, Countrywide Bank, FSB, or their respective affiliates and/or subsidiaries. Some products may not be available in all states. This is not a commitment to lend. Restrictions apply. All rights reserved.

This website may contain links to web sites that are not part of the Countrywide Bank, FSB. Such web sites are not under our control and we are not responsible for the content in those third-party sites or any link contained in such a site. Countrywide Bank, FSB does not endorse companies or products that advertise or appear on, or link to, this Site. If you choose to access a third party web site via a link contained on this Site, you do so at your own risk.

Legal Disclaimer: The Cyberhomes™ property valuation results from the use of some and/or all of the following: automated valuation technology, statistical modeling, public records data (as available from time to time) and human logic combined to provide a rational estimate of the possible selling price of a residential property. This valuation is and does not constitute an appraisal. This valuation contains no representations or warranties regarding a property's marketability, functional or economic obsolescence, environmental damage, compliance with existing building and safety codes and regulations, or flood insurance determination. This valuation does not warrant the accuracy or completeness of any public record information or data sources used to help determine this valuation.

THE VALUATIONS ARE PROVIDED "AS IS" AND COUNTRYWIDE FINANCIAL CORPORATION AND/OR ITS AFFILIATES (COLLECTIVELY 'COUNTRYWIDE') MAKE NO REPRESENTATION OR WARRANTY OF ANY KIND, EXPRESS OR IMPLIED, WITH RESPECT TO THEIR ACCURACY, COMPLETENESS, OR CURRENTNESS, INCLUDING WITHOUT LIMITATION THE IMPLIED WARRANTIES OF MERCHANTABILITY AND FITNESS FOR A PARTICULAR PURPOSE OR NON-INFRINGEMENT.

This property valuation tool is provided by Fidelity National Financial, Inc. Fidelity National Financial is not affiliated with Countrywide Financial Corporation ('Countrywide') or any of its affiliates. Countrywide makes no guarantees or warranties regarding this property valuation tool and is not responsible for the accuracy of any of the data provided. In processing applications for and making decisions regarding home loan financing, Countrywide determines the value of a property using data and valuation tools that Countywide considers appropriate for its underwriting criteria and internal decision making (collectively referred to as 'processes') and such processes may reach a different valuation than that provided by using this tool. Countrywide is not bound by or in any way obligated to accept, use or refer to the valuation and data provided by this tool in conjunction with any loan application or request for home financing.