Good news for Borrowers, FHA limits Reinstated. I was reading the Realtor publication this week and they were discussing the FHA loan limits. The loan limit has been reinstated at 125% of the area median price.
Nearly 66% of buyers who will be helped by the loan limits extension have an income below $100,000. Here in the Mountain Home, Arkansas area per a loan officer this week, the limit is $271,050 for the FHA loan, and you can also add the 1% MIP (mortgage insurance premium) on top of that loan amount.
According to the NAR (National Association of Realtors) the FHA limit was used by 56% of all First Time Home Buyers and 85% of borrowers obtaining homes at the higher loan limits had incomes below $150,000. So the Good news for Borrowers, FHA limits Reinstated.
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