FHA Limits May Be Reduced

FHA Limits May Be Reduced on October 1, 2011   Buyers currently in the market to purchase or those on the fence about purchasing should make note that as of October 1, 2011, if Congress does not pass a bill to keep limits at current standards, FHA loan limits will be decreased.  All counties in our area will be affected.  This can greatly affect your purchasing power with FHA Financing by reducing the amount of the loan you are able to obtain.   The potential changes for loans originated on or after October 1, 2011 are as follows:   Berks County from $300,000 to $271,050; a decrease of $28,350.00 Bucks County from $420,000 to $379,500; a decrease of $40,500.00 Chester County from $420,000 to $379,500; a decrease of $40,500.00 Delaware County from $420,000 to $379,500; a decrease of $40,500.00 Lancaster County from $383,750 to $271,050; a decrease of $112,700.00 Montgomery County from $420,000 to $379,500; a decrease of $40,500.00 Philadelphia County from $420,000 to $379,500; a decrease of $40,500.00   If you plan on purchasing a home now may be the time to move from the thought process to the action process.  Rates are still very low and homes are affordable.  For more information regarding the possible limits above contact me at Sellinghomesjenn@aol.com.    Jennifer Daywalt, Realtor Phoenixville's Home Town Realtor RE/MAX Results Realty Licensed in PA since 2001- Collegeville  Top Realtor 2004, 2005, 2006, 2007, 2008, 2009, 2010  www.JenniferDaywalt.remax.com Author of "Ask The Realtor" Saturday The Phoenix Newspaper Main Office 610-489-7355 Direct Line 610-999-7693 Follow me on Facebook   Read my Real Estate Blogs