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FHA mortgage limit should be $600,000

The government has fairly low limits on how big a mortgage
it will insure, so borrowers in New York City, for instance,
can receive a loan of about $363,000, far less than the
area’s median home price of about $470,000.

In Fairfield County, Conn., the maximum F.H.A. loan for a single-family
home is about $363,000, but the median price in the county’s largest
municipalities is $473,000.

Congress is considering raising the maximum loan to about $600,000, which
“would obviously help a lot of borrowers, especially in the Northeast.”

-- Brian J. Chappelle, founder of Potomac Partners in Washington,
consultants to the mortgage industry.

[ Via Bob Tedeschi, NYT ]


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