|HUD No. 06-ID-11
(208) 334-1088 ext. 3002
May 25, 2006
HUD RAISES FHA MORTGAGE INSURANCE LIMITS IN TETON COUNTY
BOISE - More homebuyers in Teton County may be eligible for FHA insurance on their mortgages and home improvement loans under new mortgage limits effective May 22, 2006 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 set in August 2005. Limits for a
duplex are raised to $464,449, a three-unit home to $561,411, and for a four-unit home to $697,696. 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 continuing rapid increases in the average price of
housing in Teton 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
or family member, liberal underwriting criteria, market rate interest, and consumer protections. FHA loans are assumable, have no income limits, no minimum credit scores 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.
HUD is the nation's housing agency committed to increasing homeownership, particularly among minorities; creating affordable housing opportunities for low-income Americans; and supporting the homeless, elderly, people with disabilities and people living with AIDS. The Department also promotes economic and community development, and enforces the nation's fair housing laws. More information about HUD and its programs is available on the Internet