FHA loan limit rises to $178,600 in Baltimore area

Real Estate Watch

January 16, 2000

The loan limit for Federal Housing Administration insured loans for single-family homes in the Baltimore metropolitan area has been raised from $171,475 to $178,600, a 4.2 percent increase.

The Department of Housing and Urban Development, which administers loans insured by the FHA, said loan limits nationwide for single-family homes would range from $121,296 where community housing costs are low to $219,849 in areas with high housing costs.

That's an increase from last year when single-family loan limits ranged from $115,200 to $208,800.

"These higher loan limits will help create more homeowners, more home construction, more jobs, and more economic growth," HUD Secretary Andrew M. Cuomo said. "They will transform the American dream of homeownership into a reality for families across our nation."

The higher FHA loan limits are expected to help drive the nation's homeownership rate beyond its current record high of 67 percent of all households.

The new limits are part of a regular annual adjustment that HUD makes to account for rising home prices. Under federal law, the loan limits are indexed to the conforming-loan limits of Freddie Mac and Fannie Mae.

Baltimore Sun Articles
|
|
|
Please note the green-lined linked article text has been applied commercially without any involvement from our newsroom editors, reporters or any other editorial staff.