New nest

I'd love to help you find your "new nest" as well as share tips on updating it, decorating it, filling it with good food, etc.

Monday, December 8, 2014

New Loan limits for FHA / Current interest rates



FHA just announced the new loan limits for some of the counties in Utah starting 23 days hence.  It represents an almost 8% increase in Utah County and a paltry 1.5% increase in Salt Lake County.  The max loan amounts for Single Family Residences in the respective counties are $293,250 and $304,750 respectively. 

That means buyers can purchase homes up to $303,886 in Utah County and $315,803 in Salt Lake County and still only come up with a 3.5% down payment. 

Thirty year FHA loans are at 3.25% while Conventional 30 year loans are at 3.875%. 


Fifteen year rates are still at 3.0% (APR will generally be higher, depending on the loan and down payment amounts, and amortization term--as closing costs and the presence of mortgage insurance affect each loan differently.)

Contact me if you need the name of a fantastic mortgage officer / lender. You can typically get pre-approved in 24 hours. This helps us find you the right home and present a solid offer to the seller, by sending over your pre-qualification letter.

Let's go see some houses!

No comments:

Post a Comment