HUD Rolls Out New Increased Loan Limits To Help Economy | Volusia County Loan Limits
March 6th, 2008 Categories: Daytona Beach Real Estate News, Port Orange Real Estate
Although feeble and slow, HUD finally increased loan limits so that the real estate market can start reducing inventory! This is fantastic news for all of us, on many levels.
Volusia County Loan Limits for FHA are now ¦¦¦¦¦¦¦ $303,750!!
With a minimum 3% down payment, you could have a sales price of approx. $308,000, with a 3% down payment, and adding 1.5% for Mortgage Insurance. As with any high loan to value product, there will be monthly mortgage ins.
In FLagler County, FHA limits are now ¦$287,500!! You can have a sales price as high as $292,000 with a 3% down payment, plus 1.5% for MIP!! Mortgage insurance guidelines on non-government loans are getting tighter, so FHA is the way to go. Need not be first time home buyers!!
