HUD has just announced that the loan limit for Lane County has been increased to the previous “temporary” loan limit of $343,750 for single family residences. This is a huge change for the benefit of everyone looking to buy or refinance over the minimum FHA loan limit of $271,050 that Lane County and Eugene/Springfield dropped to on Jan. 1, 2009. This loan limit is also the same for FHA 203k Streamline purchase and refinance loans.
This also means that the corresponding loan limits for two, three and four unit properties also went up. Duplexes are now limited to $440,050, triplexes to $531,900 and four plexes to $661,050. Linn and Douglas Counties are still limited to $217,050 but Benton County loan limit is set at $337,500. Also, the change making the tax credit of $8,000 an actual credit should spur investment in homes.
As near as I know, there was no warning about this change in loan limit and no indication as to if it is going to be permanent or temporary. It is a great change and will assist in the home sale and refinance process in the Eugene/Springfield housing market. If you have questions about qualifying for an FHA loan or about how you can use an FHA 203k to renovate or purchase, give me a call at 541-342-7576 or drop me an e-mail at fchamberlin@alpinemc.com. I am here to assist you.
