Incline Village Real Estate

New Conforming Loan Limits

H.R. 5140 -- Increased Loan Limits and Incline Village Real Estate

The highly publicized economic stimulus package passed Congress on February 7, 2008 and was signed into law by the President on February 13, 2008. The new law provides a temporary increase in both FHA and conforming loan limits to as high as $729,750 in high cost areas. The actual formula to determine the new loan limit is based on the local area median home price. For example, if 125% of the local area median home price exceeds the current conforming loan limit of $417,000, then the new temporary loan limit would be 125% of the median home price. Loan limits will not change if the 125% of the median home price does not exceed the FHA or conforming loan limits in your area. Also, the formula is capped at $729,250.

UPDATE: HUD has released their official loan limits for Incline Village Real Estate!

You can view the official letter at http://www.hud.gov/offices/adm/hudclips/letters/mortgagee/08-06ml.doc. Incline Village, Nevada will only benefit from a slight increase in loan limits due to the median home prices in Washoe County, which includes Reno, Nevada. For more information on new loan limits in your area, please visit https://entp.hud.gov/idapp/html/hicostlook.cfm, where you can search by State.

If you would like more information on HR 5140 and how this legislation might benefit you, contact Marc Rancourt at 1.877.LakeLoan.