fha loan decrease fannie mae freddie mac conforming loan chicago down payment remax real estate bill white homes realtor: What buyers need to know - FHA loan limits are decreasing
- 08/19/11 08:46 AM
On October 1st the Federal Housing Administration will drop its loan limits in some eligible counties throughout the country. All of Chicagoland will be effected as the current maximum loan limit of $410,000 will decrease to $365,700. FHA mortgages have been an attractive option for many buyers in recent years due to the potential to use as little as 3.5% down on a home. "The (FHA) product's market share grew exponentially as the credit markets seized up, and the agency now guarantees almost one in three mortgages for single-family homes." (Chicago Tribune, August 17th) What affect the decrease will actually have … (0 comments)
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On October 1st the Federal Housing Administration will drop its loan limits in some eligible counties throughout the country. All of Chicagoland will be effected as the current maximum loan limit of $410,000 will decrease to $365,700. FHA mortgages have been an attractive option for many buyers in recent years due to the potential to use as little as 3.5% down on a home.
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