Twin Cities Area!
Our FHA loan limits for a 1 unit home is currently $365,000 but effective 1/1/09, they will be dropping down to $318,550.
FHA is still a great program which is insuring most of the riskier, over 80% mortgage paper currently.
If you have a buyer looking in/around the $400k range, let them know about this.....
Not many people realize this but, the loan amounts are higher for multiple unit FHA homes (FHA insures 1-4 primary residence units)....see my table below!
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2008 Limits 2009 Limits 1 unit $365,000 $318,550 2 unit $467,250 $407,800 3 unit $564,800 $492,950 4 unit $701,900 $612,600
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This is a good program to utilize (and the MI should be tax deductible for you!)......
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