FHA Loan Limits Increased!
The Federal House Administration, known as FHA, has raised the mortgage limit for metro-Atlanta counties. Now those seeking to purchase a house in Cherokee, Cobb, Forsyth, Fulton, Gwinnett, Paulding or Henry Counties can be approved on an FHA loan for up to $346,250. This limit is up from $252,890, which gives interested homebuyers almost $100,000 more to find the perfect home. With this added flexibility, the Atlanta real estate market is sure to see an increase in activity. For those that don’t know, the FHA provides mortgage insurance on loans made by FHA-approved lenders throughout the United States. FHA-insured loans are extremely popular, especially for first time homebuyers, because they require a minimal down payment in order to close the loan. There is also more flexibility in calculating household income and payment ratios. The FHA was the government’s solution to a nation comprised primarily of renters, only 4 in 10 households owned homes. Of course this was back in the 1930’s, as the FHA was created in 1934. However, this government agency successfully turned America into a nation of homeowners, with a 68.1 % homeownership in 2001. Enough with the history lesson, get on the phone, get online or get out the door and find yourself a spectacular home in the metro-Atlanta area because getting approved for a $340,000 loan has now been made much easier.
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1 Comment Add your own
1. Build Credit for College &hellip | August 13th, 2008 at 9:13 am
[…] It’s that time of the year again, when parents are preparing to send their children away to college for the first time (or second time or third time). While attending orientation, registering for classes and purchasing books are all necessary strategies to prepare your young adult for college, this also needs to be the time your prepare your young adult for life. Many parents struggle to find effective ways to build credit for their 18-year-old and start by applying for credit cards with 25% APR and only a $500 limit. While, this is definitely a starting off point for your college student’s credit life, one of the most effective and sound investments to build credit for a college student is through the FHA loan program. […]
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