|HUD No. 07-OR-03
June 11, 2007
FHA MORTAGE INSURANCE LIMITS INCREASE IN SIX OREGON COUNTIES JUST IN TIME FOR NATIONAL HOMEOWNERSHIP MONTH
Homebuyers in Multnomah, Clackamas, Columbia, Washington and Yamhill Counties can now purchase or refinance a single-family home or condo up to $314,000 with an FHA-insured mortgage. Tillamook County limits are also increasing.
PORTLAND - More homebuyers in Multnomah, Clackamas, Columbia, Washington, Yamhill and Tillamook Counties may be eligible for FHA (Federal Housing Administration) insurance on their mortgages and home improvement loans under new mortgage limits effective June 18, just in time for National Homeownership Month. The Portland area limits are also extended to the Washington State counties of Clark and Skamania.
"Throughout this month-long campaign we are taking our message of promoting and protecting homeownership to communities nationwide," said HUD Secretary Alphonso Jackson. "All Americans should have the opportunity to
achieve the dream of buying a home - and once they do, we want to ensure they stay in it. Educating families
about the homebuying process and helping those homeowners who may have hit a bump in the road is critical to ensuring a house remains both a home and a secure and stable investment."
This year's Homeownership Month theme - "Promoting and Protecting Homeownership" - is designed to promote first-time homebuying; to encourage both potential and current homebuyers to learn about the responsibilities that come with homeownership; and to help consumers both read and understand the fine print of a mortgage. There are 2,300 HUD-approved housing counseling programs around the country that help potential and current homeowners learn about safe loan products available through the FHA's mortgage insurance programs and other responsible lenders.
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Increase Over Old Limit
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Higher loan limits apply for two to four-unit dwellings.
"This increase in FHA loan limits is in response to the continuing increases in the average price of housing in these counties, and will help more people purchase or refinance homes using FHA mortgage insurance," said HUD Regional Director John W. Meyers.
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 family or a down payment assistance program; liberal underwriting criteria; fair interest rates; and consumer protections. FHA loans are not restricted to first-time homebuyers and have no maximum income limit. Recent changes in FHA loan processing make it easier for real estate professionals, lenders, and consumers to use FHA loans.
The new limits become effective June 18, 2007, and may be used for FHA-insured mortgages that close on or after that date. For more information about FHA-insured mortgages, call 1-800-CALLFHA.
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