Stanislaus County has reached a median price of $276,000 as of June 2016. While the increase of Home Values are satisfying homeowners, the increase has made it difficult for FHA buyers to find their dream Home. It has to do with the low FHA loan limits of $276,000. This may not seem like a big deal to many, however for the buyers that have had a foreclosure within the last seven years, which are a big portion of home buyers, they can’t qualify for a conventional loan. Meaning, these home buyers are stuck within the FHA loan limit of $276,000. While the personal economy has become better for many of these FHA buyers, many don’t have an additional $30k – $50k for the difference of the purchase price, minus the FHA loan limit of $276,000. Not including closing cost. These days it’s difficult to find a home of a buyers dream under $300,000. So, when will HUD raise the FHA Loan Limits? Check out this site below. Look like HUD evaluates each year and they multiply the median home price by 115%. In my estimation, providing our median price holds steady, should place us at $317,400. This will be great news for FHA buyers. More to come.http://economistsoutlook.blogs.realtor.org/…/fha…/
FHA Loan Limits – Will We See An Increase?
ECONOMISTSOUTLOOK.BLOGS.REALTOR.ORG