Minnesota Short Sale Expert

FHA loan limit in the 11 county Twin Cities area has officially been increased to $365,000 up from the previous limit of $316,000 for the Twin Cities. 

These higher loan limits are great news for buyers (and sellers) in the $315-375 price range.  They now have an option to buy with a down payment as small as 3.5% ($10-12,000).  Before this change, they would have had to use a Conventional mortgage, that typically requires 10% down as a minimum for non-first time buyers ($31-37,000 in this price range).

For first time home buyers this means much less to come up with on your own especially since your FHA down payment can be a gift from a family member.  For move-up buyers if you can sell your smaller home and scrap together the $10-15 grand you need, you can make quite a jump up in the quality of your home.  Factor in the lower interest rates and you might not even be increasing your payment that much once the property taxes come down on the new home next year.

If you are in the market to purchase a home and/or sell your home feel free to contact me directly at 763-242-6303.