FHA Limits Raised for Orange County Real Estate Market

As part of the new economic stimulus package that was recently passed, the Orange County real estate market will be seeing far more then rebate checks.  The new package doubles the limits on FHA mortgages and can really be a huge benefit for first-time buyers and low and medium-income buyers.  Here’s how.

Basically, prior to the new stimulus package the max amount an FHA loan could be was just over $360,000.  Well, if you live in the Orange County area, you know how difficult it can be to find a home under that price.  But the new bill has more then doubled the limit for FHA loans and is now capping out at $729,750.  This is an awesome increase that will last throughout 2008 and can really be a huge incentive for people to get out and buy an Orange County home.

Since FHA loans provide lower- to medium-income buyers and first-time buyers with more affordable mortgage options, this new higher limit could really be exactly what spurs people to invest in Orange County real estate.  You will be able to get great FHA loans on a home you really want.  And with interest rates and home values at all time lows, now really is a great time to get in the market.

If you have any questions about the new FHA loan limits, shoot me an email at Angie@AskAngie.com.