FHA has been revising its loan limits across the country, which is good news for many potential home buyers. The loan limits are different for each county in the United States depending on real estate costs.

With 100% financing become very difficult, many people with excellent paying jobs, but not enough for a large down payment, are having difficulty financing a home. For the Salem Metro area, which includes Marion and Polk counties, the new revised limit is $295,00 for a single family home. It’s $377,650 for a two family dwelling. This is a huge boost to our local market, as there are many homes well underneath this cap, enabling many buyers to get into homes for only 3% down.

We have several excellent FHA experts here in town, and I would be happy to refer you to one of them. If you have questions about how an FHA loan works, please feel free to call or email me.

(c) Copyright, 2008. Melina Tomson, All Rights Reserved. DO NOT COPY this without express written permission from the author.
If you are thinking about relocating to Salem-Keizer Metro area and need more information about what our city is like, please call or email me for more information. If you are considering a purchase or sale of a home, I’d like to discuss your real estate needs with you.

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