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New Higher FHA Loan Limits
My good mortgage buddy -- Rob Mercer of First Home Mortgage -- just sent me an e-mail telling my that new loan limits for FHA mortgages have been approved. It's a HUGE jump for the MD Suburbs of DC with the limits in Prince George's County and Montgomery County going to $729,750, Anne Arundel is going to $560,00 (poor Annapolis and Davidsonville - what were they thinking!?!). Guidelines haven't been passed down to the lenders yet but it shouldn't be long. What does this mean? First, it means that for most home buyers the cost of borrowing just went down and the strict guidelines for borrowing just got a little bit more flexible. Since FHA is a government backed mortgage program designed to help further the vision of home ownership more lenders will be able to lend money to people that may not have a lot of cash for large down payments. It also means you don't need a perfect credit score and you can still get a very competitive interest rate. Second, it means that virtually any home in College Park would be eligible for FHA financing. If you've been wanting to buy a home but you've been worried about getting a good rate or needing a perfect credit score, the government has just removed a HUGE obstacle in your path. As far as I'm concerned this is great news! |
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May, 2012
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