Twin Cities Area!
Our FHA loan limits for a 1 unit home is currently $365,000 but effective 1/1/09, they will be dropping down to $318,550.
FHA is still a great program which is insuring most of the riskier, over 80% mortgage paper currently.
If you have a buyer looking in/around the $400k range, let them know about this.....
Not many people realize this but, the loan amounts are higher for multiple unit FHA homes (FHA insures 1-4 primary residence units)....see my table below!
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2008 Limits 2009 Limits 1 unit $365,000 $318,550 2 unit $467,250 $407,800 3 unit $564,800 $492,950 4 unit $701,900 $612,600
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This is a good program to utilize (and the MI should be tax deductible for you!)......
The Twin Cities area mortgage leader! Unlike many, many other banks and brokers, we still maintain the capabilities to do "stated" and "reduced doc" type loans in Minnesota! We are here for you
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