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The new limits for FHA “Jumbo” loans and conforming “Jumbo” loans have been set for 2009. If you go to

https://entp.hud.gov/idapp/html/hicostlook.cfm

you will be able to adjust the Limit Year dropdown to “CY2009” and see the loan limits you can expect to lend to next year. Once the Stimulus Act loan limits expire on 12/31/2008 the Country will be divided into two sections. High Cost and Low Cost. If you are in a High Cost area, you can expect to be able to make FHA Jumbo loans at 115% of the local, median house prices. This loan amount, however, cannot ever exceed 150% of the standard limit of $417,000 still in effect for Fannie and Freddie. 150% of $417,000 establishes an overall cap of $625,500.

Therefore, regardless of the median house prices for your MSA, all loans over $625,500 in 2009 will be considered Non-Conforming Jumbo Loans. FNMA/FRMC cannot purchase them and FHA/HUD will not insure them.