As of October 1, 2011 the Federal Housing Administration will
be reducing the FHA Loan Limits.
The current limits in Dade, Broward, and Palm Beach counties
is $417,000. The limits for these counties will be reduced to $345,000. This
reduction will affect any loan that has not been approved by an FHA Direct
Endorsed underwriter.
If you are
looking for homes above this price range or even under contract and not yet
approved and you are expecting to finance your home with an FHA insured loan, you will be affected by the drop in the FHA loan limit.
Please remember these are loan limits, not limits on the
purchase price. Buyers can always make up the difference between the purchase
price and the loan amount by increasing your down payment.
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