FHA Loan Limits decrease Oct 1

Does it feel like we've been here forever? The never ending free fall of home prices? Well, in the words of the great Warren Buffet

"Be fearful when others are greedy, and be greedy when others are fearful".

This statement could not ring any truer than right now. Time to GET GREEDY! and let me tell you why...

With all the talk about the debt ceiling and the US's credit rating, mortgage rates have dropped further yet. Add these historically low rates to today's incredible home values - a decline of approx 30% from the peak of the market. It's hard to argue that there probably will be no better time to take advantage of affordable housing than right now. To drive that point home even further, take into consideration that the loan limits in IL on FHA mortgages drop on October 1. It's important that in order to take advantage of the alignment of all these conditions that you close no later than Sept 30th, 2011. After October 1st FHA loan maximum will be reduced from $410,000 to $365,700 a difference of $44,300 in buying power.

If you don't act now, it just may be too late.