Great news: the Federal Housing Administration announced an increase to the conforming loan limit for FHA home loans. Based on the average median house price, the new limit is now $$498,257, a $60,000 increase. But that’s not the only good news. In areas with more expensive real estate prices, like Hawaii or California, the loan limit is now set at $1,149,825.
This increase comes at a great time for home buyers. Prices are still high, but interest rates are stabilizing after months of growth. Potential first-time home buyers who have been sitting on the sidelines can feel confident about buying this year, especially if they plan to use an FHA home loan. If you think this loan might be the tool to buy your first home, read our latest blog, which reviews some requirements and explains the loan limit increases.
FHA home loans are designed to make home buying more accessible for first-time buyers. To see if you qualify, visit your local PRMI advisor. They can assess your financial situation and history to begin the application process!
Happy reading!