HUD / FHA Increase Mortgage Limits in Wasatch County, UT
February 13, 2008
More good news for Utah home buyers: HUD recently announced that purchasers may borrow up to $327,750 on FHA-insured loans for single family residences in Wasatch County. This is a significant raise from the previous $200,160 limit. A recent HUD press release explains:
Median home prices in Wasatch County have increased dramatically within the last few years. In many cases, HUD has found that purchasers are well qualified from the standpoint of income and credit, but they lack sufficient funds for the size of down payment required on a conventional loan. Since the FHA program requires less of a down payment, it affords more consumers the opportunity to purchase their dream home. The increased loan limits effectively open the market to more of those consumers.
There are a lot of advantages to taking out an FHA-insured loan when purchasing a HUD home. The new limit will be available starting February 18th. See also: HUD Homes in Utah.
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