Tucked away within the Clinton administration’s 1999 budget is a proposal that would raise the FHA loan limit for single-family residences to a new, much higher level of $227,150. This bodes well for the American family because the availability of FHA-insured loans would greatly increase.
At present, the “ceiling” on FHA loans is staggered and varies from county to county with the so-called “high cost” counties having a ceiling of up to $128, 250 in DeSoto County (Southaven/Olive Branch); $107,200 in Rankin, Madison and Hinds counties (Jackson Metro); $98,800 in Lamar County (Hattiesburg); and up to $89,300 in Warren County (Vicksburg). All other counties have a ceiling of $86,317.
If a county feels it, too, should be considered a “high cost” county (remember, there are only six listed above out of 82 counties in our state), there is a process whereby Realtors