Good Morning Everyone! I have some REALLY BIG NEWS in the mortgage arena today- and I wanted to pass it on NOW.
FHA has increased the loan limits in Salt Lake, Tooele, and Summit County to -----(are you ready for this?)
$729,750!!!
That is More than DOUBLE the old limit! What does that mean for you as a home buyer? Homes up to approx. $750,000 can now be financed with FHA (with the great low rates FHA offers, and the 3% down requirement, and the low, low mortgage insurance rates FHA offers!!!). Also they except down payment assitance programs.This will REALLY open the door to buyers with little down payment who want a more expensive home. It also allows people to buy these more expensive homes with out having to pay Jumbo interest rates!
Maybe you are that “move-up” buyer who has little equity in their home, and want a larger more expensive home, but don’t have much down payment………perfect opportunity here! This is also a great opportunity for someone to refinance a home that was over these limits before and combine that high interest rate first and second mortgage!
Please don’t hesitate to call for more information, or for payment quotes! This is really an exciting day for YOU!
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