1/1/09 Twin Cities FHA loan Limit decrease ......

By
Mortgage and Lending with Your IRA guy!

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!

             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

 

This is a good program to utilize (and the MI should be tax deductible for you!)......

 

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