Got Splinters?

Have you been riding the fence and have been qualified for an FHA loan to buy Albuquerque Real Estate or know someone who has, you may want to pay attention to what is going on in the up coming months in Washington regarding the housing and recovery act.

The current loan limit for an FHA loan is $270,000, which was a temporary increase to provide some activity in the market. It did help but it will probably drop to $200,000. Allow me to repeat that for you. THE LOAN LIMIT FOR FHA WILL MOST LIKELY DROP TO $200,000 IN NM. Congress will make this decision before the sunsets on September 30th. So, if you are looking for the low down payment and want to finance more, right now should be a good time to buy. Not trying to use any scare tactics here. Just want to inform.

Bottom line, if you are seriously considering a home purchase and have been qualified for an FHA loan, please contact your Realtor and/or mortgage professional to see what actions should be taken and if this effects you. They should be more than happy to help. If not, call me!

by Tim Fish