FHA home loan limits are once again increasing for HUD insured FHA mortgages. The new loan limits are $331,760, up from the current limit of $314,287.
What this means is that for someone looking to purchase a home with the 3.5% minimum down payment, using an FHA loan, can now do so, up to a $343,000 purchase price.
This is the fourth year in a row that FHA loan limits have increased and continues to show the strengthening and stability of the housing market. The limits also continue to move in lock step with Conventional loan limits as well, which moved up to a loan limit of $510,400 (FHA loan limits are almost always 65% of that limit).
The FHA home loan is still a widely used home loan program, that offers low down payment, low interest rates and flexible credit options for both first time and repeat home buyers.
The program continues to serve a wide range of homeowners, who may not either qualify for a conventional loan (due to credit or down payment requirements) or who may just find that the FHA loan is more affordable for their specific needs.
As always everyone’s individual situation is unique and it is always best to speak with a licensed lender, such as Strategic Mortgage and explore all available home loan options, for your specific situation.
For more information on current home loan programs and options for existing and potential home owners, please contact Bill Kamboukos of Strategic Mortgage at (480) 219-3682 or by emailing: firstname.lastname@example.org or online at http://www.strategicmtgaz.com
Strategic Mortgage, LLC – NMLS#158804- Equal Housing Lender – AZBK#0909514
Vasilios Bill Kamboukos Jr – NMLS#160440