New FHA Loan Limits are actually OLD loan limits

Another change is about to happen to FHA loan limits in certain counties this October. We have been lucky enough here in Ada County, to have had extended amounts since 2/25/2009 but "the good ole days" are about to be over.

The old but new loan limits for Ada and Canyon Counties will be as follows:

1 Family - $271,050
2 Family - $347,000
3 Family - $419,425
4 Family - $521,250

The 32,700 difference in loan amount doesn't seem like a big number but it will effect some homeowners in our market place. As of today, there are approximately 183 listings that fall between the old loan amount of 303,750 and the new loan amount of 271,050.

What this means is that those homes will ONLY attract FHA homebuyers IF the homebuyer has a large enough down payment or gift, OR the seller is willing and/or able to lower the price to stay in that 271,050 price range.

In the meantime, we as Loan Officers can educate our agents and customers to this change immediately so that they can avoid potential heartache or heartburn when this change goes into effect October 1st.