FHA lowers loan limits

Effective October 1, 2011 FHA loan limits will be lowered.

In Cuyahoga, Geauga, Lake, Medina &Lorain counties for instance, for a borrower can borrow up to $298750 single family home today. Effective October 1- the maximum loan amount will be $271050.

Erie, Huron, Sandusky, Ottawa and Wayne counties will remain a maximum loan amount of $271050

Summit and Portage counties will go from a maximum $330,000 loan amount to $271050

This is going to drastically reduce the amount borrowers can borrow on FHA loans. The Conventional 3% down loan will be a good alternative for borrowers with good credit wishing to put the minimum downpayment since the maximum loan amount is $417000 (the conforming loan limit).

To see your county’s maximum FHA loan limit effective October 1, 2011- check out the following link:

 

https://entp.hud.gov/idapp/html/hicostlook.cfm?CFID=10940032&CFTOKEN=4f48990fd7799c8-92D418B2-D661-3D16-472B835202873512

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About lizschneider66

Mortgage consultant with over 18 years experience. First time buyers, move up buyers, construction, FHA/VA, Jumbo loans, investment property purchases, & refinances- I will find the solution to financing the American dream of homeownership! Subscribe to my blog and never miss any mortgage industry news.
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