HUD Loan Limits have reverted to the higher loan amounts.
This is only good through end of the year, though – then back to the lower limits
Barring any congressional action, Federal Housing Administration (FHA) loan limits will revert to loan limits determined under HERA for loans insured by FHA on or after October 1, 2011. This change would affect 669 of the 3,334 counties or county equivalents that are eligible for FHA insurance.
So what does this mean for Central Texas Real Estate and, in particular, the Austin Metro area? Below is a list of some of the affected counties and their new proposed loan limits:
- Travis County $271,050, down from $288,750
- Williamson County $271,050, down from $288,7
- Hays County $271,050, down from $288,7
- Bastrop County $271,050, down from $288,7
- Bexar County $287,500, down from 332,500
The good news is that this represents only a small percentage of the actual transactions in Central Texas. Note the map below, which shows that other counties throughout the United States will be taking a much larger hit when it comes to the number of transactions.
Author: John McClellan on December 6, 2011