HUD recently announced new limits for FHA-insured mortgages. Many owner-occupant bidders on HUD foreclosure homes choose FHA financing due to low downpayment options and flexibility. The FHA 2039(k) loan, for example, gives borrowers the opportunity to take out money for home repairs as a part of the first mortgage.
Now, the new limits give borrowers the opportunity to purchase more expensive properties using FHA financing. In some areas (such as Los Angeles and New York) the limits are as high as $729,750.
Check out HUD’s database of new FHA mortgage limits here: FHA Mortgage Limit Website.
See Also: Guide to Bidding on HUD Foreclosure Homes
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