The Federal Housing Administration (FHA) has been authorized by Congress to increase their maximum loan limits. Their increase raised the maximum base across the country and even higher for specific “High Cost” markets.
The Atlanta MSA (metropolitan statistical area) new Maximum FHA Base Loan is now $346,250 and this number translate into a sales price of $354,200. For your area, follow the link to FHA loan limit web site.
This new limit has created a huge opportunity for buyers who would otherwise not qualify for a purchase or refinance under the current conforming lending guidelines.
The lending game has changed but prudent planning will help secure the best possible loan in any given situation. Make a decision with knowledge. Give me a call to discuss your situation or introduce me to anyone you know who needs solid mortgage advice. I want to be your mortgage consultant.
News continues to blast the mortgage industry as underwriting guidelines tighten. In spite of a recent move by the Federal Reserve to build a foundation of confidence through offering guarantee’s to the lending industry, it will take considerable time to get back to a more normal lending environment.
