First, the conventional loan limit increased. Then, the reverse mortgage limit increased. And now, the United States Department of Housing and Urban Development just announced increases to the FHA loan limit as well.
But what does that all mean?
If you aren't aware already, housing prices have done almost nothing but increase. This is great news for those looking to sell their home, or take advantage of their equity, but not so great for home buyers with their eyes on houses which currently fall outside of loan parameters. These buyers would either have to re-adjust their budget, or pursue less-typical loan options.
These increases in loan limits are the perfect way to address rising home prices. Now, more people—and the homes they want—are eligible for these loan programs.
The FHA loan limit varies from county to county based on median home prices. Take a look at local county's limits below:
San Juan: $497,950
Please note these limits are all for one-family unit homes.
Wondering how this impacts you? Contact us today to find out how we can help you take advantage of this incredible opportunity and put you in the home of your dreams.
You can also find a list of other FHA loan limits by county here.