FHA Mortgage Backing Cap Increased
Texas Real Estate News
HOUSTON (Houston Chronicle) – The Federal Housing Administration yesterday increased its cap on mortgage backing.
In Houston, the loan limit for homes increased from $200,160 to $270,050. For multifamily units, the cap was raised from $256,248 to $347,000. The limits were based on 125 percent of the median sales price for a given area.
FHA provides mortgage insurance on loans made by approved lenders to borrowers who meet certain qualifications.
The agency requires a minimum of 3 percent down, including closing costs, and borrowers can use alternative forms of credit reporting, such as utility bills and cell phone bills.
The new limits, which FHA estimates will benefit about 250,000 families nationwide, will expire at year's end.
Date: Monday, March, 24th 2008 @ 09:03:01 PMViews: 274
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