The Federal Housing Administration (FHA), the largest insurer of mortgages in the world, is changing the loan limit for Metro Atlanta real estate. Beginning on October 1, the FHA Loan Limit will be lowered from $346,250 to $320,850 on any contract accepted and assigned an FHA case number. This means that if you are looking to buy a home soon and want to qualify for an FHA loan, you may need to hurry.

FHA loan limits will revert back to loan limits determined under the Housing and Economic Recovery Act. These limits were supposed to go into effect in January of 2009, but the strains in credit markets led the Congress to delay implementation.

Currently, this limit is in effect until December 31, 2011. After that date, it could increase or decrease. Therefore, the best time to buy Atlanta new homes is before the limit drops.

To look up the FHA loan limits for your area, visit this website.