Princeton, Montgomery Township Real Estate  – Somercet and Middlesex Increased Mortgage Limits

The greater Princeton NJ real estate market could benefit from the new mortgage limits. The new number  is $729,750.
This is the new mortgage limit for loans guaranteed by the Federal
Housing Administration. The previous limit was $417,000. 19 counties in
New Jersey had this limit increased.

Montgomery township, and the rest of the Somerset county as well as Middlesex County, are among 12 counties who received this increase. The new limits were derived from the median home prices in each county. The higher the median prices in the county, the higher the new limit.

Princeton with it’s high median prices did not get the maximum increase.  The new mortgage limit for Princeton got increased to $440,000. The same applies to  Hopewell, West Windsor, and the rest of the Mercer county, because of the county’s lower median price.

FHA
backed loans also saw increases, with the highest limit being $729,500
and the maximum loan allowed for lower price areas -to $272,050. These limits before this change were capped at $362,790 and $200,160 respectively.

Hopefully these changes would help more homeowners with high-rate sub
prime mortgages to refinance into federally insured loans.
Another idea behind this initiative is to get investors more interested
in the more expensive mortgages, backed by Fannie and Freddie, and thus
to drive down the interest rates. Lower interest rates would in turn
help home buying and refinancing, and that to coin the expression is a
“Good Thing.”

Related Articles:

Princeton NJ Mercer County Real Estate Market Housing Report -First Quarter 2008

Princeton NJ Real Estate Mercer County homes -Housing Market Statistics March 2008

Princeton NJ real estate Mercer County – Buyer Information

Princeton NJ real estate Mercer County -Seller Information

Princeton Mercer County NJ Real Estate – Secrets to selling your house like an agent.

Princeton Mercer County NJ Real Estate -Secrets To Buying A Home Like A Realtor

Princeton Mercer County NJ Real Estate Sellers- 3 Things That Sell Houses Now

Princeton Mercer County NJ Real Estate – 5 Deadly Mistakes When Selling Your House

Princeton Mercer County NJ Real Estate – Prices of Houses Sold in Princeton -January 2008

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