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Breaking News - New FHA Loan Limit - Lane County - $343,750

Hud has raised the FHA loan limit for Lane County. There was no announcement or release that I am aware of. The new loan limit is the same as the temporary loan limit in place prior to Jan. 1 or $343,750. This is an increase of $72,700 over the minimum FHA loan limit that was in place for Lane County. This is a tremendous change in limit at a time that should be beneficial for moving some of the higher priced foreclosures off of the listing rolls. Combine the higher loan limit with an FHA 203k Streamline and the Energy Efficient Mortgage and you have an excellent vehicle for purchasing a foreclosure. Check out the entire post here.

Posted by Fred Chamberlin - Eugene/Springfield's #1 Experienced FHA Mortgage Consultant on 02/25/2009 04:09 PM

Comments (21)

8000 tax credit, energystar, eugenespringfield lane county oregon, fha 203b, fha 203k, first time home buyers, foreclosures

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21 Comments on Breaking News - New FHA Loan Limit - Lane County - $343,750

FEB

Fred - I heard about this earlier. Actually, I threw out the link to the site to all my Realtor friends in various areas. It's vital that we get this info out there. Thanks Fred.

It came as a surprise here. No one had an inkling that this was coming.

Nice to know Fred. Is it true min credit score is now 620 verse 580?

Hey Greg - Can I give you a definative answer? Yes and No. Some lenders have set their minimum at 620, but FHA still doesn't have a minimum credit score requirement. There are still lenders making FHA loans at lower than 620 credit scores, but you better be a pretty good borrower over all.

There is certainly an announcement out now...let the people know

Bo - There is definitely an announcement now. It is interesting that I didn't see any other counties in the state that are different, however there could be and not just aware of it.

Good news is always great to spread! Glad to see you . . . been missing you!

This is great news for Lane County. I hope many clients fall on your doorstep to take advantage.

FEB

That is great Fred. Do you know about our neck of the woods?

Hi Fred, This sounds like great news for your area! Maybe this will allow more buyers in, and as you mentioned, get some of these homes off the market.

Margaret - New and higher loan limits can only help in this market.

John - I hope you got some benefit in Texas too.

Sean - I sent you an e-mail. Marion & Polk counties are now at $295,000, don't know if that is a change or not.

Sandy - Have you checked to see if you got an increase also?

You are so handy Fred. I was about to ask the new credit score question and there you had answered it already. One of my near by counties Greene County Georgia has a whopping over 600k FHA limit. Resort lake area. who knew?

MAR

Fred: Always good to hear good news! And it's always interesting to hear others perspectives about the 203K loans.

I have one loan person here in ATL that I mentioned I might want a buyer he referred to me to look at that loan option as one of the homes on our list is a foreclosure in need of work. OMG...he did anything and everything to get me NOT to do that....I think it's just more work than he wants to do.

I've got another lender with the contractor in line that can do it all. Hence, why I have more than one mortgage contact.

Hope all is well!

thom abbott

Tammy - Thanks I try to get the answers before the questions. LOL. High cost areas have some really great FHA loan limits.

Thom - the 203k is a pretty mean loan to work with, however, the 203k Streamline is really pretty simple. The reason we have trouble with the full 203k is that we don't have a local consultant. If you have a consultant in your area (and you should), the full 203k shouldn't be that hard either. Let me know if you have any problems, I have friends there that should be able to help.