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New FHA loan limits?
I recently learned that FHA loan limits are being reduced across the country effective October 1st. We live in a HCOL area, and the limits are being reduced in our county by almost 60k! We recently looked at a house that is within the current limits, but would be above the modified limits. The question is... does anyone know how these new changes work? Do you have to close on the house prior to September 30th to qualify for the existing limits, or do you simply have to have the offer in and accepted, with the loan paperwork process underway by September 30th? Obviously this is a question for our mortage guy, and we'll be contacting him today (when the office opens), but for now, I was hoping that one of you might have some information to share.
Re: New FHA loan limits?
I don't know the answer, I suspect you would have to close by that time. Your REA or lender should know the answer.
FWIW, there's a bill pending in Congress to stave off the decrease.
You still have to put 3.5% down, would the house still be out of range even with your down payment? Keep in mind, prices might creep down a bit after the FHA decrease.
Hightest are going from $729K down to $625K.
Awesome, thanks. I forgot how high the limits were in our area - that is still significantly above our budget.
http://portal.hud.gov/hudportal/HUD?src=/press/press_releases_media_advisories/2011/HUDNo.11-170
Yeah, we're not in the *highest* cost of living area, but our area is still significantly impacted by the new changes. You can check your county's limits at the link in the post directly above, and the link here is for the associated press release which was issued earlier this month.