If FHA loan limits were increased, more borrowers would be able to afford purchasing a home or refinancing their existing mortgages. Mortgage brokers and lenders across the country continue to hear whispers about HUD increasing the loan limits for states like California, Florida, Georgia, Virginia, Massachusetts, New York, New Jersey and Connecticut.
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Will HUD Increase the FHA Loan Amounts in 2007?
In the summer of 2007, a HUD press release announced a potential increase for states with high purchase prices. The last increase was 2006 of nearly thirty thousand dollars in FHA-insured home loan money being made available to borrowers for single-family home mortgages. This increase signals more borrowing power with your FHA home loan, and it allows more people than ever the opportunity to own a home. With only a three-percent down payment and a single-family home mortgage limits coming closer to two hundred thousand dollars, now may be the best time to apply for an FHA home loan.
First, evaluate your finances; your monthly housing costs should not exceed more than 29% of your gross monthly income. Use gross income, not net income, when evaluating your finances to apply for your FHA loan.