Loan limits are going up in the New York Metropolitan area and Northern New Jersey, where the maximum loan amount for FHA and will be moving to $625,500 as of January 1st, 2016.
To stay in line with the Fannie Mae increase in loan limits from $417,000 to $424,100 which becomes effective with loan applications taken after Dec. 10th ……FHA has followed suit to maintain their 65% of federal conventional loan limit
With the FHA loan minimum down payment of 3.5% this gives a buyer purchasing power of roughly $603,607.5 purchase price with 3.5% down would stay under the maximum limit"
Mortgage rates are rumored to be going up in late December, wait and see. This may be the time to buy.
For more information on how to get approved or if you qualify for a loan, you can call us at 973.440.8209
Managing Partner | The Klinar Group | NMLS # 1470826
New Jersey | New York | Florida | Arizona
Phone: 973.440.8209 | Fax: 844.526.7367 | E-mail: firstname.lastname@example.org