Real Estate Market: New FHA Loan Limits

Federal Housing Administration maximum loan limits effective Oct 1, 2011 through Dec 31, 2011.  However, if legislation is enacted to extend the current insured loan limits,  Department of Housing and Urban Development will publish a new Mortgagee Letter.   But for the time being until that happens we are at back to the old limits.   Cabarrus, Catawba, Gaston, Iredell, Lincoln, Mecklenburg and Union County will be $271,050.00 As you can see the loan limits for Gaston, Mecklenburg and Union are being reduced $32,700.00  from $303.750 to the $271,050.00. FHA loans with case numbers and final approval on or before September 30, 2011 are eligible to qualify for the loan limits in effect from Jan 1, 2011 to Sept 30, 2011. So if you are a FHA homebuyer and you are still on the fence, be aware that the loan limits will be reduced, unless legislation is enacted to extend the higher loan limits.  Contact us today!

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