I have been told by my lender that it is very likely that FHA will lower it's loan limits for Albuquerque homes for sale to $200,150 on September 30, 2011! Currently the FHA loan limits for Albuquerque real estate is $271,500! What that means is roughly 60% of the current buyers looking in the Albuquerque MLS market will not be able to purchase homes$210,000-280,000 price range!! Sellers in that price range are looking to possibly loose 60% of the buyers that currently exist because those buyers will no longer be able to take advantage of the FHA program because of the lower limits on September 1!!
What to do? Well, if you are a buyer that will be utilizing the FHA program you should step up your house hunting efforts and buy now so you do not go past the September deadline. If you are a seller you should be very realistic on the pricing of your home so I you do not lose potential buyers that will not be available after the September deadline.
No one knows with absolute certainty that the FHA limits will or will not be extended. Those in the mortgage business anticipate the deadlines to be upheld. The way we see it is if your are going to buy this year then do it now, if you must sell this year then do it now as well. You can't go wrong unless you pass the September 1st deadlines and the limits are lowered.
Our desire is to be your trusted Real Estate Advisor, and to pass useful information along as we hear it. As always, if you need additional information please remember to contact "The Albuquerque Real Estate Group"
by Tim Fish
by Tim Fish