Great news, yesterday FHA’s loan limit was restored to $567,500 from the current $506,000.
As of today the lenders are still in the process of updating their systems to allow for the higher loan amounts. I imagine we should see these changes in the coming weeks.
What does this mean for you ?? Buyer’s can purchase a home up to $588,000 with just a 3.5% down payment. Seller’s listing their homes in the $500K-$600K range have a larger pool of potential Buyers !