HUD Archives: News Releases

HUD Region X
Colleen Bickford
(907) 677-9800

For Release
October 28, 2004


ANCHORAGE - More low- to moderate-income homebuyers in Juneau may be eligible for FHA insurance on their mortgages and home improvement loans under new mortgage limits released this week by the U.S. Department of Housing and Urban Development.

The new mortgage limits for Juneau are $219,900, up from $190,000, for a single-family unit; $247,700, up from $214,000, for a duplex; $300,950, up from $260,000, for a triplex; and $347,250, up from $307,992, for a four-plex.

"These higher loan limits will help more people in Juneau purchase homes," said Alaska Field Office Director Colleen Bickford.

Low-income and first time homebuyers are attracted to FHA-insured loans because the program requires only a
three-percent down payment.

The new loan limits are part of a regular adjustment HUD makes to account for rising home prices. Under federal
law, loan limits are tied to the conforming loan limits of Freddie Mac and Fannie Mae, federally chartered
corporations that buy and package mortgages. 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.

The increases will also benefit senior citizens who qualify for FHA-insured reverse mortgages. Reverse mortgages
allow homeowners age 62 and older to borrow against the value of their homes without selling them. Homeowners
can select a lump-sum payment, monthly payments or tap into a line of credit. No repayment is required as long as
a homeowner lives in a home with a reverse mortgage. The reverse mortgage is repaid, with interest, when a homeowner sells the home or dies.

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 as well as enforces the nation's fair housing laws. More information about HUD and its programs is available on the Internet.


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