Great news for home buyers in the greater Raleigh area… FHA loan limits have been increased significantly!
Here are the new FHA loan limits by county:
- Wake and Johnston $295,000
- Durham and Chatham $331,250
This is a significant increase and long overdue. The old limit for Wake County was $224,200. Kind of low considering the average home price was $261,000 for the period since Jan 1, 2008.
I do have to say that the amounts seem without much rhyme or reason. The average home price in Durham County is $196,000, while Chatham County is $317,000. Why are these two grouped together at $331,250 by FHA?
Consistency and logic notwithstanding, the increases in FHA loan limits for the Triangle area is a very good thing. Here are just a few of the benefits of an FHA loan.
- Low down payment
- Down payment can be a gift
- Non-occupant co-borrowers are allowed
- No price adjustment for credit score
If you need the name of a good lender who can provide FHA financing, call me. I know some of the best in the business.
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