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FHA Loan limits increasing in 2018!!

Roger Gettler with Legacy Mortgage just shared this with me:

The Federal Housing Administration (FHA) announced increased loan limits for 2018, reaching nearly all areas of the country. The new loan limit will be $294,515 for a one-unit property, which is up from $275,665 this year. In areas defined by FHA as ‘high-cost,’ county loan limits may be as high as $679,650 for a one-unit property, which is also an increase from current 2017 limits.

 

Mostly attributed to rising home values, these increases allow consumers to purchase and refinance homes at higher price points with access to the benefits of FHA loan options. These mortgage loans generally carry lower down payment requirements and more flexible credit qualifying standards than conventional financing.

 

The Housing and Economic Recovery Act requires certain baseline limits to be reviewed each year. Because the U.S. House Price Index Report published by the Federal Housing Finance Agency showed a 6.5% gain in home values since third quarter 2016*, the limits for 2018 were increased; however, these new limits will only apply to FHA case numbers assigned as of 1/1/2018.

There is still first time home buyer money as well! Contact me with any other questions or to get the process started!

Michael Dunn, Realtor

Coldwell Banker Legacy

505-379-5849 Call or Text

AbqDunn@gmail.com

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About Michael Dunn

Coldwell Banker Legacy Realtors
8200 Carmel NE Ste. 103A
Albuquerque, NM 87122
AbqDunn@gmail.com
(505) 379-5849 call or text
www.AbqDunn.com
Contact Michael to buy, sell or if you just want information about the real estate market! He has been a full time Realtor for over 13 years! He can also help you when relocating to other parts of the country!

Coldwell Banker Legacy Realtors (505) 292-8900 8200 Carmel NE Ste. 103A Albuquerque, NM 87122