FHA Loan Limits Raised in Salt Lake County

 hud.jpg

The department of Housing and Urban Development has announced that beginning today the maximum loan amount financed with an FHA (Federal Housing Administration) loan is $362,790. This is a significant increase over the previous maximum loan amount of $232,750 that will surely help many home buyers.

The announcement also states that FHA limits will be raised Tooele and Summit counties to reflect the rising home prices in each area.

HUD Regional Director John Carson said, “Homeownership plays a vital role in creating strong communities by giving families a stake in their neighborhoods and helping them to build wealth. Increasing mortgage limits and providing more relaxed requirements for FHA loans removes two major obstacles for many first-time homebuyers.”

FHA loans are insured by the goverment, making them attractive to lenders, along with their lighter requirements and minimum down payments of 3%. Although FHA does not allow the seller to pay the down payment for a buyer- there are down-payment assistance programs that essentially pay the down payment, with the seller paying for the service.

Advertisements

3 thoughts on “FHA Loan Limits Raised in Salt Lake County

  1. I tried getting a loan through FHA last year and the loan amount on the home I wanted was too high so my lender had my go with an 80/20 loan and the payments ended up being better anyway.

    Even if you qualify for FHA you should shop around.

    Karen J

  2. Oh wait. Yes, I have. I’m sorry, but I just don’t have it in me right now to type it all out again. Besides, it was just ramblings anyway. You didn’t want to hear me go on and on about this, right?

Leave a Reply

Fill in your details below or click an icon to log in:

WordPress.com Logo

You are commenting using your WordPress.com account. Log Out / Change )

Twitter picture

You are commenting using your Twitter account. Log Out / Change )

Facebook photo

You are commenting using your Facebook account. Log Out / Change )

Google+ photo

You are commenting using your Google+ account. Log Out / Change )

Connecting to %s