FHA Announces New Oregon FHA Loan Limits for 2009
HUD has announced the new Eugene/Springfield FHA loan limits for 2009 and they
are lower than I expected for Lane County. The new FHA loan limit is $271,050 versus the current “temporary” loan limit of $343,750, a reduction of over $70k.
There are a few Oregon counties that have higher loan limits, but the majority of the counties are limited to this same number. $271,050 is the magic number nationwide.
To take advantage of the current loan limit, a property must have an accepted offer and an FHA case number assigned prior to the end of the year. Like what happened with the phase out of DPAs, individual lenders may have their own rules.
If you, or a client, has been fence sitting about buying in this price range, it is time to get off of the fence and onto the bull. Real Estate is selling well below where it was. Interest rates are extremely attractive. We have money to lend. Down payments with FHA is only 3% until Jan. 1 when it goes up to 3.5%.
Why wait?
Let me know if I can give you any information on other counties or cities.
Article Written By: Fred Chamberlin, A Eugene/Springfield Mortgage Consultant – 541-342-7576
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