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