As part of President Bush's economic stimulus package, FHA loan limits will change across the country. The new loan amounts vary by state and county so in order to find out exactly how you may be affected, you can go directly to the FHA Mortgage Limit s page. As you will see, most counties FHA mortgage limit is $271,050 but a few counties like Hennepin, Anoka, Carver, Chisago, Dakota, and Isanti have FHA mortgage limits of $365,000 as they tend to have more expensive homes than some of the more rural counties. These loan limit numbers are for single family homes, there are different fha loan limits for multi-family homes. These fha loan limits were last revised on March 5th, 2008.
If you are looking for homes in Minnesota or any other state and you want to see all the homes available at the new loan limit, visit www.mlsmaps.com to see a list of all mls listings for free.
Saturday, August 30, 2008
Saturday, August 2, 2008
Minnesota First Time Home Buyers Lose a Big Down Payment Assistance Program
Many Minnesota first time home buyers will not be able to purchase their first home after October 1st, 2008 as the government slipped something into the recent housing bill that will kill the current seller funded down payment assistance programs that occur through non-profits like Nehemiah.
While the government is supposed to be helping the housing market and making it easier to get home financing, the did a complete 180 degree turn on the issue of down payment assistance. According to the National Association of Realtors, 45% of first time home buyers need some type of down payment assistance. If the number were only 25%, imagine what will happen to the already battered housing market on October 2nd. If roughly 25% of home buyers leave the market, home prices will go down even further and faster. Inventory of mls listings is already at levels that make it difficult to quickly sell a home or sell a home at what it was once worth. These new changes are really going to wreak havoc on the housing industry over the winter but in the end, maybe we needed to get back to the days when there was no such thing as buying a home with nothing down. Who knows? Time will tell.
While the government is supposed to be helping the housing market and making it easier to get home financing, the did a complete 180 degree turn on the issue of down payment assistance. According to the National Association of Realtors, 45% of first time home buyers need some type of down payment assistance. If the number were only 25%, imagine what will happen to the already battered housing market on October 2nd. If roughly 25% of home buyers leave the market, home prices will go down even further and faster. Inventory of mls listings is already at levels that make it difficult to quickly sell a home or sell a home at what it was once worth. These new changes are really going to wreak havoc on the housing industry over the winter but in the end, maybe we needed to get back to the days when there was no such thing as buying a home with nothing down. Who knows? Time will tell.
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