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Good news for Borrowers, FHA limits Reinstated.

By
Real Estate Agent with Century 21 LeMac Realty

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.

Posted by

John Howard

Century 21 LeMac Realty

Mountain Home, Arkansas

870/404-3614

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Luis Iniguez
Option One Real Estate - Fontana, CA
Search Inland Empire Homes For Sale - Short Sale Agent

I'm happy to see this gett reinstated.  I had a deal fall out due to the bank counter offering on a short sale.  There counter offer put my buyers out of reach with the home. 

Nov 26, 2011 06:27 AM