FHA Loan Limits Looking to Decrease

By
Real Estate Agent with Paramount Real Estate Services

HUD is planning another shift in loan limits for FHA loans coming this October.  Currently they are set at $295,000 for  our Marion & Polk Counties within the Mid Willamette Valley in Oregon.  Currently FHA requires a down payment of 3.5% of the sales price leaving a potential sales price to be no more than $280,880.00 come this October.  Hopefully this will not have a huge affect on our home sales in this area.  Many of the FHA buyers in this market are purchasing homes below $200,000.  However, you will see that many move up buyers want to take advantage of the FHA backed mortgages with the minimal 3.5% down payment leaving some sellers with homes priced around the $280,000 price range and above in an ever more difficult position to find a qualified buyer.

Like most markets around the country, ours is also flooded with homes priced above $280,000 and it is a difficult task to find a buyer able to put down 20% during these economic times.  Sellers need to look ahead so they are able to position themselves correctly for the coming changes.

http://www.paramountoregon.com

 

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Brian & Nina White

CRS, FACS

Principal  Brokers/Owners

Paramount Real Estate Services

3886 Commercial St. SE #203

Salem, OR 97302

503-385-1518

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Tags:
fha loans
first time home buyer
home buyer
hud homes
market update
move up home buyer
oregon real estate
paramount real estate
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Rainmaker
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Kwee Huset
Venice Florida Homes For Sale
Kwee Huset Realty

Hi Brian & Nina, Thanks for sharing & Congratulations on your 1st post. Welcome to activerain, if you upgrade to rainmaker, your blog will be open to the public. You can join up to 5 groups for your post.  Members at AR are very friendly and helpful; I learned alot about blogging and SEO. I wish you good luck.

August 30, 2011 11:39 AM
Rainer
11,059
Brian & Nina White
CRS/FACS - Principal Brokers/Owners
Paramount Real Estate Services

Thanks a lot Kwee!  We appreciate it.  Unfortunately, we are new to this site, but better late than never.  We appreciate your comment!

August 30, 2011 11:58 AM
Ambassador
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Todd Clark
Broker - Beaverton, Oregon Real Estate Expert - (503) 524-9494
Keller Williams Realty

With falling home prices, this only makes sense that they roll back the limits as well. Welcome to Activerain and look forward to reading more from you.





August 30, 2011 11:58 AM
Rainer
11,059
Brian & Nina White
CRS/FACS - Principal Brokers/Owners
Paramount Real Estate Services

Thanks Todd.  Oh my gosh, you're killing it on here!  When do you have time to work?!!!

September 28, 2011 04:05 PM
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Brian & Nina White

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