FHA Loan Limits Bumped In Austin For February

As expected FHA loan limits have been given a boost. The new limits are as followed:

• Single Family – $218,595
• Two Family- $256,248
• Three Family- $309,744
• Four Family- $384,936

All of these increases are effective today February 18th.

This was the increase we were expecting to see in December. The previous limit for single family was $200,160 , so nearly an $18,500 increase. This increases choice and selection by allowing to qualify for more home which is perfect for the first time buyer.

If you have any questions about loan limits or how to get started, simply contact me.

Christopher

RE/MAX Capital City

Austin Loan Limits Remain Unchanged for ‘08

Many have asked me whether loan limits are going to rise for 2008, but for now they are remaining the same.

• Conforming for single family : $417,000
• FHA single family : $200,160

FHA has not announced any increases while speculation is that they might.

What will be changing is that starting in March, Fannie Mae will be introducing 4 different tier pricing levels for conventional loans based on FICO scores between 620 and 679.

I can not stress enough that if you are considering buying a home during this next year, the time is especially now to determine where you stand in terms of qualifying for a mortgage loan. You have time to work on your credit if needed to improve your score and chances for a better rate when you are ready to buy. The worst thing is procrastinating and then being hit with possible bad news that your score is inadequate, the rate is not what you expected due to FICO, or that you have to wait to buy a home when you need to or want to move.

It is not impossible to get a loan contrary to what you may have heard or believe, just that the rules of the game has changed slightly.

If you do not know where to start, I can give you some solid reputable Mortgage Consultant options to help you get started. Simply contact me.

Christopher