FHA Lowers Maximum Loan Amount for Palm Beach County

Maximum loan amount for Palm Beach County

FHA has lowered the maximum loan amount to $345,000.

Miami/ Dade and Broward Counties will also feel the reduction in purchasing power with loans because they have been lowered to $345,000 for the maximum loan amount.

Please get any contracts signed by December 27, 2014 if you have any contracts about $360,000 that might be impacted by these changes. This takes effect in January 2014.

Orange county Florida will see a reduction to $274,850. The rest of the state of Florida is going to be down to $231,050.

For Palm Beach county, Miami-Dade County and Broward County this is a significant reduction.

This affects all people who want to get FHA loans with a minimum down payment. You will still be able to put more money down to bring the loan amount down to your maximum loan amount. Fannie Mae maximum loan amounts remain at $417,000.

In Wellington about 60% of our sales are all-cash so for most of the this is not going to be an issue. It is also not easy to find a home in Wellington at those prices.

For the latest on Wellington home prices check out the current homes for sale here.

#fhaloans #loans #mortgages #wellingtonfhaloans