What does it mean for Eugene home buyers and sellers?
Here’s a quick assessment:
- The current FHA-backed loan limit is $260,839. NAR predicts that as a result of the stimulus package, this will grow to approximately $343,209.
- The GSE limit will remain at $417,000. Contrary to new reports stating that Jumbo loans will suddenly be available at the conforming (lower) interest rate, that’s simply not the case for most of Oregon. NAR predicts however that Jumbo limits will rise slightly for Jackson and Deschutes Counties.
- HUD will post the actual limits on or before March 14, 2008.
- These new limits will expire on December 31, 2008.