The FHA recently raised it's maximum loan amount by 20,000! That means that in our area, including Orange and Seminole Counties, a single family residence can be purchase with an FHA loan amount up to $268,850! (http://entp.hud.gov/idapp/html/hicostlook.cfm)
What does this means for you and your customers? Your business has an opportunity to improve because your customers can become qualified to purchase from a wider array of homes that are at higher values. In fact, with the help of charitable organizations that assist in providing down payment, it is possible that a qualified buyer can purchase a home with a sales price of $277,150.00 with no down payment! This increase opens the door again to buyers who have recently been shut out because FHA allows lenders to finance buyers who have less than perfect credit and higher than conventional debt ratios. In turn, there can be movement again in your business too, which may have stagnated along with the market of homes selling for $200,000.00 to $400,000.00.
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