Are loan limits falling? | Let’s Get Real Estate | August

We’ve been told that we should buy a home now as FHA Loan Limits are going to go down. Is this true?

Dear Jan:

We’ve been told that we should buy a home now as FHA Loan Limits are going to go down. Is this true?

LCJ

Dear LCJ:

The truth of the matter is the Federal Housing Authority is dropping their loan limits. Kitsap County, is facing some of the biggest drops. Federal Housing Administration loans on single-family homes will fall by more than 35 percent on Oct. 1. So if you are in a price range above $307,050 it’s a good time to buy. Plus, interest rates are also still at historical lows.

Your first step is to ask your favorite real estate broker for the name of a good loan officer so that you can get pre-approved.  There are some really good buys out there so my advice is to get moving.

Jan