Yeah… *sigh*. Another great move to help the housing market right? (please read that with my sarcastic tone)
Announced on Dec 6th in ML 13-43 HUD has elected to change the limit for FHA loans from $365,000 for single family homes in the Twin Cities market down to $318,550 (and $271,050 for most of the outstate). The limits go into effect for FHA casefiles reserved on Jan 1st 2014.
Find out what's happening in Stillwaterfor free with the latest updates from Patch.
WHAT DOES THAT MEAN TO ME?
1. If you’ve been looking at qualifying for a purchase and expecting to use FHA financing… talk to your “mortgage guy” to make sure this doesn’t affect you.
Find out what's happening in Stillwaterfor free with the latest updates from Patch.
2. If it does… (specifically if you were expecting to buy a home with FHA between $330k and $375k) you’d need to get a property selected and your “mortgage guy” have it registered with HUD before the first of the year.
3. Conventional loans with mortgage insurance will be more relevant as the loan limits are currently staying at $417,000
a. Make sure your “Your Favorite Mortgage Guy” understands all FOUR TYPES of Mortgage Insurance along with the pros/cons of each. (yeah… the borrower has the option of choosing one of 4 types of MI).
Good luck in your home search... more relevant info to come!
