On Increasing FHA Mortgage Limits

With the New Year now begun, mortgage professionals may be heading into 2008 with an interested in FHA mortgage limits for their area. According to HUD, interested parties may submit requests to HUD for mortgage limits to be increase. These requests must be complete with the appropriate housing sales price data for analysis and justification of the requested limit increase. All documents for mortgage limit increases must be submitted to your state homeownership center. The 2007 FHA Mortgagee Letter, as well as more information on how to begin the process, can be read at http://www.hud.gov/offices/hsg/mltrmenu.cfm.