New FHA Loan Limits Increase, good for all condos buyers

Affordable government-backed loans that can be used for purchase or refinance are now available through the FHA.

These refinancing loans can be especially appealing to condo owners and homeowners who may have purchased near the height of the real estate market and are now concerned that the temporary market downtown is leaving them with property worth less than what they owe.

The new loan packages are part of the recent Economic Stimulus Act of 2008. A news release by the Department of Housing and Urban Development explains more about the loans.