Are you one of the many people who have been wondering if rumors that FHA loan lending limits per county are going down? Could this be true? Unless Congress extends the temporary loan limits that are in place now – then the answer is “yes”.
Effective Friday, September 30th, the FHA loan limits will in fact go down due to declining home values among other reasons. More specifically for the state of Delaware, the loan limits for New Castle, Kent, and Sussex counties will go down to the following limits:
|New Castle County||Kent County||Sussex County|
Therefore, your buyers will have to close their loans prior to September 30th, 2011 if they intend to use FHA financing and exceed the aforementioned lending limits. With FHA rates at 4.5% or less (for credit qualified), now is the time to make home ownership a reality.
To check out the lending limits per county in Delaware, visit the FHA website at https://entp.hud.gov/idapp/html/hicostlook.cfm. This link still has the “old” lending limits on it, but will update per county on September 30.