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Diane Forsythe, Brickton Mortgage

NEW FHA LIMITS FOR 2005
The new FHA Mortgage Limits for the Chicagoland metropolitan area are as follows:

MSA Name

MSA Code

Division

County Name

County
Code

State

One-Family

Two-Family

Three-Family

Four-Family

Last Revised

CHICAGO-NAPERVILLE-JOLIET , IL METROPOLIT

16980

16974

COOK

031

IL

$275,200

$309,962

$376,589

$434,526

01/01/05

All the rest of our area counties are the same. Or you can go to https://entp.hud.gov/idapp/html/hicost1.cfm and check all of the counties in Illinois. Other states are available, too!

REMEMBER THE NEW LOAN LIMITS FOR 2005
New Limits May Save Borrowers Up to $24,800 In Interest

The increase in single-family mortgage loan limit from $333,700 to $359,650, effective January 1, 2005 is based on the October-to-October changes in the average house prices, as published by the Federal Housing Finance Board (FHFB), and on Supervisory Guidance issued by the Office of Federal Housing Enterprise Oversight. The FHFB figures come from its monthly survey of lenders. Both new and existing homes are included in the survey. Both Freddie Mac and Fannie Mae have changed their limits, but the following statistics have been put together by Freddie Mac.

The increase in the single-family mortgage loan limit makes it possible for an estimated 340,000 additional families to obtain lower cost mortgage financing. Freddie Mac estimates that total mortgage interest savings for a borrower with a typical 30-year fixed-rate mortgage at the new conforming loan limit is as much as $24,800 over the life of the loan.

Effective for deliveries after January 1, 2005 , the new loan limits for mortgages on one-to-four family properties are:

  • $359,650 for mortgages on one-family properties (up from $333,700);
  • $460,400 for mortgages on two-family properties (up from $427,150);
  • $556,500 for mortgages on three-family properties (up from $516,300); and
  • $691,600 for mortgages on four-family properties (up from $641,650).

Maximum original loan amounts are 50 percent higher for first mortgages on properties in Alaska , Hawaii , Guam and the U.S. Virgin Islands.

FREDDIE MAC LOAN LIMIT DATA

 

CONVENTIONAL LOAN LIMITS

 

2003

2004

2005

One-Family

$322,700

$333,700

$359,650

Two-Family

$413,100

$427,150

$460,400

Three-Family

$499,300

$516,300

$556,500

Four-Family

$620,500

$641,650

$691,600

Freddie Mac is a stockholder-owned corporation chartered by Congress in 1970 to create a continuous flow of funds to mortgage lenders. By supplying lenders with the money to make mortgages and packaging the mortgages into marketable securities, Freddie Mac sustains a stable mortgage credit system and reduces the mortgage rates paid by homebuyers. Over the years, Freddie Mac has opened doors for one in six homebuyers and two million renters across America .