Sunday, September 18, 2011

Proposed FHA Loan Limits Change on October 1, 2011

Proposed FHA Loan Limits Change on October 1, 2011Proposed FHA Loan Limits Change on October 1, 2011

If passed, these proposed loan limit changes will restrict the size of loans that can be insured by the Federal Housing Administration. Out of 3,334 counties nationwide, 669 will be affected by these changes, the rest most likely will remain the same.

Streamline refinance loans will not be affected. This will effect any home with the loan amount great then 390,000 in Weber & Davis  Counties in Utah. Which is currently 56 home owners.

The impact may be greater in other areas of the state where homes prices are typically higher like Salt Lake, Tooele & Summit with 286 home currently listed and for sale will no longer quailify for an FHA loan under the new guidelines.

The following proposed changes are for Davis County , Utah:

Current                FHA Single-Family Loan Limit is $397,500.

Proposed            FHA Single-Family Loan Limit will be $389,850.

-- Difference of $7,650!

The following proposed changes are for Weber County , Utah:

Current                FHA Single-Family Loan Limit is $397,500

Proposed            FHA Single-Family Loan Limit will be $389,850.

-- Difference of $7,670!

And one of the hardest hits

The following proposed changes are for Salt Lake County , Utah:

Current                FHA Single-Family Loan Limit is $729,750.

Proposed            FHA Single-Family Loan Limit will be $600,300.

                                         -- Difference $129,450!               

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For more information and a copy of the press release, go to: http://portal.hud.gov/hudportal/documents/huddoc?id=fhaloanlmhera.pdf             

 

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