FHA increases mortgage limits
TWIN FALLS -- The Federal Housing Administration increased its single-family home mortgage limits for Idaho and the rest of the country by more than 7 percent.
The Census reports that Idaho's homeownership rate is 72.4 percent, considerably above the national average and one of the highest in the country, the Department of Housing and Urban Development said in a statement.
FHA now will insure single-family home mortgages up to $172,632 in most Idaho counties. Loan limits also increased to $220,992 for a two-family home; $267,120 for a three-family home; and $331,968 for a four-family home.
FHA-insured home loan limits are higher in the high-housing-cost areas in Blaine County, ranging from $255,550 for a single-family home to $403,500 for a four-unit dwelling.
'These higher loan limits will help the FHA mortgage insurance program keep pace with the strong housing market,' said HUD Secretary Alphonso Jackson.
Low-income and first-time homebuyers are attracted to FHA-insured loans because the agency requires only a 3 percent down payment.
The Census reports that Idaho's homeownership rate is 72.4 percent, considerably above the national average and one of the highest in the country, the Department of Housing and Urban Development said in a statement.
FHA now will insure single-family home mortgages up to $172,632 in most Idaho counties. Loan limits also increased to $220,992 for a two-family home; $267,120 for a three-family home; and $331,968 for a four-family home.
FHA-insured home loan limits are higher in the high-housing-cost areas in Blaine County, ranging from $255,550 for a single-family home to $403,500 for a four-unit dwelling.
'These higher loan limits will help the FHA mortgage insurance program keep pace with the strong housing market,' said HUD Secretary Alphonso Jackson.
Low-income and first-time homebuyers are attracted to FHA-insured loans because the agency requires only a 3 percent down payment.
posted by Kirby P at 11:30 AM
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