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January 16, 2007
HUD RAISES FHA MORTGAGE INSURANCE LIMITS IN KOOTENAI COUNTY
BOISE - More homebuyers in Kootenai County may be eligible for FHA insurance on their mortgages and home improvement loans under new mortgage limits effective January 1 announced by the U.S. Department of Housing
and Urban Development. The FHA mortgage limit for a single-family unit will be $217,550.
This represents an increase of 8 percent from the previous limit of $201,400. For a complete list of FHA insurance limits in other Idaho counties, go to https://entp.hud.gov/idapp/html/hicost1.cfm.
For information about FHA insured mortgages, go to www.fha.gov or call 1-800-CALL FHA.
These increases will allow more prospective homebuyers to take advantage of the benefits offered by 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 Kootenai County and will help more Idahoans purchase or refinance homes using FHA mortgage
insurance," said Acting Boise Field Office Director Arlene Patton.
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 family member or downpayment assistance program
- Liberal underwriting criteria
- No minimum credit scores
- Market rate interest
- 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; 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