FHA DECREASES THEIR LENDING LIMITS
Change is coming to FHA loan limits.
NEW FHA LOAN LIMITS
FHA has been popular loan program for many first time homebuyers. On January 1st, 2014 the loan limits will decrease, which will affect buyers loan amounts. From one of our preferred Lenders, Lane Aldrich with First Colony Mortgage here are the new loan limits:
Utah County – From $323k to $279k
Salt Lake County – From $729k to $300k (yikes)
Wasatch County – From $431k to $331k
Washington County – From $372k to $278k
As you can see this will affect many buyers ability to purchase houses using FHA loans, especially in Salt Lake County where the average house price is a little higher than here in Utah County.
Interest rates have also been inching they way up these past few weeks. See below the interest rate chart.
Don’t let this news discourage you from purchasing or selling your home. There are still several wonder loan programs out there that will fit your needs. If you have any questions please contact us or our preferred lender, Lane Aldrich with First Colony Mortgage – 801-602-5746.
The Jared Fields Team
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