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FOR
IMMEDIATE RELEASE
FHA Loan Limit Increases Will Help Achieve the Dream of Homeownership
March 2008 - West Babylon, NY -West Babylon (March
19, 2008) - The Long Island Board of REALTORS®, a 25,000 member trade
association, lauds the recent FHA loan limit increases as
part of the economic stimulus package that President Bush recently signed
into law.
“Increasing the loan limits for Fannie Mae and Freddie Mac will
bolster the housing finance market, which continues to be severely stressed,
by providing an immediate infusion of much needed liquidity to the nation’s
mortgage market,” said Mohsen Zandieh, President of LIBOR. “This
package will help the many families that need mortgage options, whether
they are purchasing or refinancing to keep their homes,” he continued.
The U.S. Department of Housing and Urban Development published the new
FHA and conforming loan limits, based on median home prices as mandated
by the Economic Stimulus Act signed by President Bush in February. New
loan limits for FHA and Fannie Mae and Freddie Mac are now calculated
at 125 percent of the HUD published median prices, with a floor of $271,050
and $417,000, respectively, not to exceed $729,750. The temporary
limit in Nassau, Suffolk & Queens is now $729,750
Additionally, the increased loan limits will help many residents
in our area achieve the dream of homeownership and will allow many more
homeowners to refinance and potentially keep their homes in this challenging
market.
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Press Release Contact:
Christina DeFalco
Public Relations and Communications Specialist
631-661-4800 Ext. 358
The Long Island Board of Realtors®, Inc. is a non-profit trade association consisting of more than 28,000 professional Realtors®. For more information about Long Island real estate, visit our web site at www.mlsli.com.
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