FHA loan limits are going from $400,000 to $287,500
FHA loan limits are going from $400,000 to $287,500.
Effective January 1st 2014, FHA loan limits are going from $400,000 to $287,500. If you’re looking to only make the low 3.5% down payment on your mortgage you will have until January 1st 2014 to qualify for the $400,000. You will have to get your case number pulled before January 1st 2014 and you will be fine to close on you mortgage up to the $400K limit. Any FHA loans pulled after the cut off date will only be financed up to the new $287,500 limit. Don’t worry though many lenders will be coming out with many good low down payment programs for homes above the new limit. Below is a list of some of the loan programs available:
#1. 95% Conventional, W/MI, down to a 620 fico!!! ( 5% down payment with a minimum 620 fico credit score and Mortgage Insurance needed )
#2. 97% Conventional, W/MI, down to a 680 fico!!! (3% down payment with a minimum 680 fico credit score and Mortgage Insurance needed)
#3. 95% Conventional W/ No MI and 680 fico!!! ( 5% down payment with a minimum 620 fico credit score and NO MORTGAGE INSURANCE NEEDED )
If you have the 680 FICO score and 5% of the purchase price of the home to put down choice #3 is the best loan to have. The payments will be much lower than an FHA loan would be because you wouldn’t have the Mortgage Insurance required on FHA loans and you would be putting down an extra 1.5% more.
Contact the Las Vegas New Home Team 702.659.0258or 702.467.4555today so we can match you with the right lender to suit your needs. If you only have 3.5% to put down and you’re looking at homes above $287,500 contact us immediately so we can find you the perfect home and get you FHA case file started before it’s too late!