FHA loan limits that had been boosted by Congress to encourage refinancing of many subprime loans are set to decrease on January 1, 2009. Currently Lake County has a limit of $353,750 and that will be reduced to $274,850 for the standard FHA loan. If you are considering a purchase of up to $360,000 and they need minimum down, now is your last chance!
Once the new loan limit is in effect the highest price you can pay for a home without having to put additional money down will be 284,800. Remember also that FHA minimum downpayment increases to 3.5% effective 01/01/09 as well!
Thankfully there is still plenty of money to lend and FHA's credit and income guidelines continue to be very forgiving. For more information you know who to call.
Gerry Suarez, Jr.
Your FHA Loan Pro!
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Does your lender take the time to answer the questions you may not even know to ask? Take advantage of my 25 years of experience to make your deal smooth. Your FHA Loan Pro!
The beauty of buying a new home in central Florida!
Why we are all still in this business.
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