FHA loan limits are changing in Washtenaw County beginning October 1st.
The Federal Housing Association sets the FHA loan limits throughout the nation and they can vary depending on socio-economic status of each county.
The FHA loan limits have been $345,000.00 in Washtenaw County.
On October 1st, FHA is lowering the FHA loan limit in Washtenaw County to $271,050.00.
What does lowering the FHA loan limit mean for you?
Well for one it means that the most popular way of financing a home the last 5 years is going to change, for the worst in my opinion. The main reason for the FHA loan popularity was the amount of down payment you need to buy a home in is 3.5%.
According the recent rep0rt of the Ann Arbor Board of Realtors the average home price in the Ann Arbor Area for August was $203,061.00. This is a 4% increase over August 2010.
Homeowners wanting to use an FHA loan will need to pursue other avenues to obtain financing if they want to purchase a home and finance over the new FHA loan limit of $271,050.00.
FHA loan limits not the only way to finance a home
Fannie Mae and Freddie Mac loan limits for Washtenaw County are still capped at $417,000.00
Homeowners that have 20% to put down can also go with a conventional loan.
Before you start looking to purchase a home in Washtenaw County know your options, work with a LOCAL lender, who knows the Ann Arbor, Washtenaw County area.
Call us today and we can help you talk to many good lenders in the Ann Arbor Area. 734-926-9797
It’s sad to know that the government is going to lower the FHA limits starting this October. But at least its good that there are Ann Arbor Short Sale Agents like your team who would be willing to assist clients in your area to find other ways that might work better for them.
Petra Norris
Lakeland Fl Short Sale Agents
Hi Missy,Hope everything is ok with you.I always like reading your blog because I always learn something from you.Keep up the good work and stay the best Ann Arbor Short Sale Agent.
Christine Pappas
RE/MAX Results
Willoughby Oh Short Sale Agents