Loan Limits Set To Expire At The End of The Month
For Broward, Palm Beach, and Miami-Dade Counties, this will only affect the loan amounts for FHA loans. The maximum is going from $423,750 down to $345,000. There are talks of an extension but that probably won’t happen until the last minute. You must close by September 30th.
The Conforming loan limits for the tri-county area are staying the same at $417,000 . You can search your state and county on HUD’s website.
VA loan limits will be staying the same which is based on a calculation. This is directly from VA:
The maximum guaranty for VA guaranteed loans closed October 1, 2011 through December 31, 2011 will remain unchanged. The Veterans’ Benefits Improvement Act of 2008 provided a temporary increase in VA loan limits for loans closed January 1, 2009 through December 31, 2011. Because of this legislation, VA loan limits will remain the same for the remainder of the calendar year. Please note that VA does not have a maximum loan amount. Loan limit refers to the maximum loan a lender could make and still receive a 25% guaranty from VA, assuming the veteran has full entitlement.