At last, after much anticipation, HUD finally published the new FHA loan limits for the high cost areas. For more detail info, check out this site. Since the new loan limits are based on the median housing pricing, the actual loan limits vary by county in which the property is located. As for the direct impact on consumers, we are still waiting for the lenders to "accept" the FHA limits, and implement them both in their program offerings as well as the backend support systems. In other words, if you are looking for a FHA loan right now, you will not see the new loan limits in place yet. I will update you as we get updates from the lenders.
Now, do not confuse this with conventional conforming loans. OFHEO has not weighed in. Once they do, FNMA & FHLMC will make their announcements, and then lenders will make theirs. I do not know about potential pricing hits, and will certainly keep you updated as things progress.
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