According to the Mortgagee Letter Published this week, HUD is changing the Maximum Loan Limit for Wake, Johnston, Franklin and Harnett Counties. The change is based upon our average sales price, which has dropped a bit per National Association of Realtors, on Page 48 of their 88 page report – the Triangle will be in for this change at the beginning of the year.
Because our median sales price is lower – our FHA loan limit will go to $271,050 on January 1, 2009. This means that at the end of the year, the maximum loan in Wake County, Franklin, Harnett or Johnston is $271,050 – down from the current maximum loan of $295,000. These calculations are based on the Housing Bill that passed Congress in August. Orange, Person and Durham Counties stay at their current limit of over $336,000!
UPDATE: In February of 2009 – the FHA raised the limits back to the $295,000 limit! Talk about CONFUSING!
The downpayment requirements for FHA also change at the end of the year, and if you’re buying that means you will be putting 3.5% starting on January 1st.
If you have questions about qualifying for a mortgage loan, or you want to check rates and see if we can beat what your loan officer is quoting you – call us!