The ceiling on FHA-insured loans has been raised to $729,750 in 76 high-cost counties, including 51 in just four states - 15 in Virginia, 14 in California, 12 in New Jersey and 10 in New York. In 666 other counties, meanwhile, the FHA maximum has been set somewhere between the $271,000 floor and the high-cost ceiling. The new limits, which were authorized under the American Recovery and Reinvestment Act signed into law by President Obama on Feb. 17, will remain in effect until Dec. 31, 2009. A complete list of the affected counties is attached to HUD mortgagee letter 09-07.
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