Buyers can now buy a more expensive home in Jacksonville and Ponte Vedra Beach with less money down and lower credit score!

New rates are for loans obtained on July 1, 2008 or later and must close no later than Dec 31, 2008.

New FHA Maximum Loan Limits for Northeast Florida Counties:


Single-Family FHA Loan Limit is now $387,500 for Duval County Real Estate.


Single-Family FHA Loan Limit is now $387,500 for St. Johns County Real Estate.


Single-Family FHA Loan Limit is now $387,500 for Clay County Real Estate.


Single-Family FHA Loan Limit is now $387,500 for Nassau County Real Estate.


Single-Family FHA Loan Limit is now $387,500 for Baker County Real Estate.


This is an increase of $93,000 from the old FHA maximum loan limit of $294,500 to the new FHA maximum loan limit $387,500 for Duval, St. Johns, Clay, Nassau and Baker County.


Single-Family FHA Loan Limit is now $287,500 for Flagler County Real Estate.


This is an increase of $69,000 from the old FHA maximum loan limit of $218,500 to the new FHA maximum loan limit $287,500 for Flagler County.


FHA will guarantee loans on up to four-family structures.  Check out the FHA Mortgage Limit website to see what the new maximum FHA loan limits are for the different housing types. 

Possible Beginning of a Return to A Normal Market in Jacksonville and Ponte Vedra

Hopefully the FHA Mortgages in Jacksonville and Ponte Vedra will give us the shot in the arm that the local real estate market needs. This has the potential of creating a "bottom-up" real estate revolution.  As home sellers sell in the bottom of the market they move up in price range when they buy.  This will create a chain reaction and help us return to a more normalized market as homes start selling and the surplus of homes on the market is removed.

 


 

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Posted by Carey Frankel on

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