The Federal Housing Authority Restores Loan Limits
The Federal Housing Authority Restores
Last month Congress voted and restored FHA loan limits. This action reinstates the loan limit at 125 percent of the area median price up to $729,750. for two years.
By raising the loan limits it will make mortgages more accessible for middle class families. Approximately two-thirds of buyers that will be helped by the higher loan limits have incomes below $100,000. In 2010, 56 percent of first time home buyers used an FHA loan and 85 percent of borrowers that obtained homes at the higher loan limits had incomes below $150,000.
What the loan limits are depends a lot on where a borrower lives in the country. Often geography dictates what the price of “affordable housing” is. Click on the links below to find out what the loan limits are in your county.
Focusing on first time home buyers through out Charlotte and the major surrounding areas including South Carolina. I will make the process of buying or selling your home smooth and seamless, giving you peace of mind. (704)-779-9481.