Thursday, March 6, 2008
FHA LOAN LIMITS INCREASE!!
The FHA loan limits for Sacramento County have increased. The maximum limit was $362,790, and it was increased yesterday to $580,000. FHA loans are excellent tools for first-time home buyers, especially since the down payments are 2.85% of the sales price. Years ago, sellers used to balk at a buyer obtaining an FHA loan because sellers were worried that an FHA appraiser would require tons of repairs. That is no longer the case. Restrictions have relaxed, and FHA loans are faster to process. FHA loans are also popular with home buyers because FICO scores are not weighed as heavily as other factors.