FHA Loan Limit Raised To $423,750 In Miami Dade!
Categories: Front Page, Mortgage News, Real Estate News
hi
HUD announced yesterday that it has raised the FHA loan limit in to as high as $729,750 in some high cost counties. See Wall Street Journal article Go the the HUD website for a list of the new FHA loan limits for the state of Florida county by county.
As highlighted in the Wall Street Journal article above in many instances FHA loans have become less expensive than conventional loans. These new loans limits, the fact that interest remain near historic lows and that we remain in a very strong buyers market have set the stage for the stabilization of the local single family home market. It may take some time before loans under the new FHA caps are available and as soon as they are rest assured that we will get the word out.
The smart money is buying now!
Dear James
Thank you for the update . GREAT NEWS !!!
FHA Loan Limit Raised To $423,750 in Broward as well !!!
I think that it is also important to point out these two great benefits for FHA Loans :
NO FICO – FHA loans are not credit score driven; there is no minimum FICO requirement.
97% FINANCING – FHA loan requires a minimum cash investment of 3% by the buyer which may be a combination of down payment and allowable closing costs. However, seller financing contributions can be up to 6% of the sales price and buyer could also use gift money to cover his 3%.
From March 6th until today .. ONLY 1 COMMENT ???
Well… please choose your scenario :
1 ) I don’t care because I am getting 95% LTV on my conforming loan as of March 12th 2008 !!!
2 ) actually I do not read blogs .
3 ) I still don’t get it .
[...] there is financing available for foreclosed properties. With the FHA limits increased in our area to $423,750, FHA loans are a great source to buy that foreclosure with a small down payment. If the property [...]