Have you applied for a Federal Housing Administrations (FHA) loan previously and found yourself disappointed in your loan limit? We have great news! Last month The FHA announced higher loan limits due to higher home prices in 2021.
“The increase in loan limits, commensurate with the increase in home prices, will allow qualified individuals and families to continue to access FHA-insured mortgages to achieve affordable home financing,” said Principal Deputy Assistant Secretary for Housing and FHA Lopa Kollu.
So what does this mean for the state of Idaho? Idaho FHA loan limits are established by the Department of Housing and Urban Development (HUD) and are revisited each year. 2022 FHA primary residence loan limits for the majority of Southeast Idaho counties we serve is $420,680 which is a $64,318 increase from the prior year! There are a few high-cost counties that have higher limits: Teton (Driggs, Victor, Tetonia) $970,800 and Camas (Hailey) $648,600. To get a full scope of Idaho’s new limits by county, click here.
“This is huge for Buyers who have been sitting on the fence,” says Melissa Bernard, Buyer Specialist here at Rize Realty. “We are in a strong market, yes, BUT with historically low-interest rates and record-high rental rates. Don’t get shut out and put off your opportunity to own a home and build your equity. We have hundreds of success stories. Now is a good time to buy seasonally with less competition!”
When we asked Adam Bell with Bell Financial Group, out of Idaho Falls, what this means for homebuyers in the Southeast Idaho area he said, “FHA loans were designed for low- to moderate-income borrowers and require lower minimum credit scores and down payments than many conventional loans, which makes them especially popular with first-time homebuyers. FHA mortgages are riding the low–interest–rate wave. With mortgage rates at historic lows and loan limits on the rise, it’s an excellent time to consider FHA financing. You may be surprised what you can qualify for.”
Want to see what your options are? Make the move by giving our office a call, 208-932-4343.
