FHA loan limits increased

Happy New Year!!!!! Well 2017 is finally here and It is going to be an exciting year. So many exciting things are happening locally in our community and around the country. One of those things is the Federal Housing Administration (FHA) recently announced the agency’s new schedule of loan limits, Housing prices have been going up for a while and have begun to exceed the ceiling for some of the most popular loans available. This has caused the FHA to make some changes in order for more people to qualify for a new home. Most areas in the country will see a slight increase in loan limits in 2017. These loan limits are effectively changed on or after January 1, 2017, and will remain in effect through the end of the year.  In Washoe County FHA Loan Limits will increase from $325,450 to $345,000 and in Fernley will increase from $271,050 to $275,665.  If you have been thinking about getting into a property or maybe your just curious about our current market, give me a call or shoot me an email anytime.