|HUD No. 06-ID-09
(208) 334-1088 ext. 3002
May 1, 2006
HUD RAISES FHA MORTGAGE INSURANCE LIMITS IN BLAINE COUNTY
BOISE - More homebuyers in Blaine County may be eligible for FHA insurance on their mortgages and home improvement loans under new mortgage limits effective April 26 announced by the U.S. Department of Housing and Urban Development. The FHA mortgage limit for a single-family unit will be $362,790.
This represents an increase of 15.9 percent from the previous limit of $312,895. Limits for a duplex are raised to $444,050, a three-unit home to $539,500, and for a four-unit home to $622,500. For a complete list of FHA
insurance limits in other Idaho counties, go to https://entp.hud.gov/idapp/html/hicost1.cfm.
These increases may allow more prospective homebuyers to qualify for FHA insured mortgages and home
improvement loans to purchase or refinance one to four-unit residences including condos and manufactured homes. The higher limits will help seniors, age 62 or older, seeking FHA insured reverse mortgages (Home Equity Conversion Mortgages) to potentially access more equity from their homes.
"This significant increase in FHA loan limits is in response to last year's rapid increases in the average price of
housing in Blaine County and will help more Idahoans purchase or refinance homes using FHA mortgage insurance," said Boise Field Office Director Constance Hogland.
Many homebuyers are attracted to FHA insured loans because of the program's benefits: a 3 percent down
payment, which can be 100 percent gifted from an acceptable source such as a downpayment assistance program, liberal underwriting criteria, market rate interest, and consumer protections. FHA loans are assumable, have no
income limits, and are not restricted to first-time homebuyers.
Recent streamlining of FHA insured loan processing has made these loans easier to use for lenders, REALTORS® and consumers.
The new loan limits are part of a regular adjustment HUD makes to account for rising home prices. The higher FHA
loan limits will not cost the government because the FHA Insurance Fund is fully supported by premiums paid by borrowers who receive FHA insurance.
HUD is the nation's housing agency committed to increasing homeownership, particularly among minorities, creating affordable housing opportunities for low-income Americans, supporting the homeless, elderly, people with disabilities and people living with AIDS. The Department also promotes economic and community development as well as
enforces the nation's fair housing laws. More information about HUD and its programs is available on the Internet