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!)......