The Federal Housing Administration (FHA) has increased the amount that buyers can borrow when purchasing a home, which may spark additional buying activity, especially among buyers who would otherwise be forced to use "jumbo" mortgages with higher interest rates.
Under the new limits, buyers can borrow up to 125% of the median sale price in the area. In Norfolk and Plymouth counties, this means the loan limit for an FHA loan is increasing to $523,750, and qualified buyers can obtain an FHA mortgage with as little as 3% down.
For more information about the new FHA rules, or a referral to a mortgage professional who can discuss your specific needs in more detail, please contact Shep, Bob, or Florence at 781-767-5550.
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