President Signs Omnibus Spending Bill; Increases FHA MF Loan Limits
December 27, 2007
On Wednesday, December 26, President Bush signed H.R. 2764, the "Consolidated Appropriations Act," that will fund the federal government for the remainder of FY 2008. The omnibus spending bill includes an increase in the FHA multifamily loan limits, which are determined by the size of the unit, the type of structure and the project location.
H.R. 2764 increases the limit to 170 percent in high cost areas and 215 percent on a case-by-case basis. HUD will need to amend its current factors and issue a Mortgagee Letter to provide appropriate percentages for each office. The Special limit areas (Alaska, Hawaii and the Virgin Islands) will remain at 260 percent.