Loan Limits

Found 2 blog entries about Loan Limits.

FHA loan limits have increased! The FHA loan limits went from $304,500 to $312,800 in Salt Lake County. What dose this mean to buyers and sellers? If you buy in Salt Lake County with an FHA loan purchase price (typically putting down 3.5%) this makes your ​purchase power increase from last year approximately $8,000.

Something for Sellers to keep in mind: if you list your home for $325,000-$440,000 you are only making your home available to buyers that are able to put 5% down (this price range is above the 3.5% down FHA limit). However;  if you list at $325,000 you then add a plethora of buyers to your purchasing pool by including 5% down buyers AND 3.5% down buyers. This makes your home an option for many more buyers and your ability to sell that

1,298 Views, 0 Comments

Congress has proposed new limits on FHA loans. How will this affect people in Utah? It will reduce your purchasing power is some price ranges. If you want to purchase a home in Salt Lake county close to $600,000, or if you are intending to purchase a home in Utah county anywhere above $270,000, you may not be able to get FHA financing. Anyone who wants to purchase a home above the FHA limit will have to get a conventional loan for that house. Conventional loans have more strict requirements, and may have a higher rate. One thing for sure, you WILL be required to make a larger down payment for a conventional loan.

If you, or anyone you know, will be purchasing a home near the proposed limit you need to close soon. If passed, these limits will go into

1,328 Views, 0 Comments