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 effect October 1st THIS YEAR!
Here are the proposed limits for Utah:
Click Here to see Limits across the country
More information on Congress' Proposal
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