Suffolk County FHA Loan Limits to Shrink in October?

September 15th, 2011 category: Real Estate News

Mini Sub Mini FHA loan limits are set to change.

This change is planned for October 1, 2011.

Whether you are buying or selling a home on the North fork of Long Island, awareness of this change is important.

FHA currently offers financing qualifications that are a bit more relaxed than conventional financing (while maintaining basics- debt to income, job stability, etc.). For these reasons (along with a lower down payment requirement), potential home buyers are increasingly considering an FHA loan as a viable source for financing on the east end of Long Island.

The change for Suffolk county will provide a loan limit of $625,500.00, which is $104,250.00 below the current FHA loan limit of $729,750.

For information on down payment requirements and overall qualifications, click here.

Fannie Mae and Freddie Mac will have the same loan limit applied, unless a decision is made to leave the current limits in place. We’ll keep you updated.

This entry was posted on Thursday, September 15th, 2011 at 9:07 pm and is filed under Real Estate News. You can follow any responses to this entry through the RSS 2.0 feed. You can leave a response, or trackback from your own site.

One Response to “Suffolk County FHA Loan Limits to Shrink in October?”

Randy Maley Says:
October 19th, 2011 at 3:05 pm
Unfortunately, for you and the rest of the country, the FHA loan limits were reduced. Here in Austin we are faring a little better than many places but I would have liked to see loan limits remain higher.

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