Clock Ticking on FHA Limits

If ever there were a Cinderella moment in real estate, it will strike this fall when the gilded, stimulus-minded mortgage limits for FHA loans return to their pre-recession, pumpkin-patch levels. As of Sept. 30th, the current mortgage loan limit of $365,000 will fall back to $274,050. That's an entire castle's worth of lost buying power. In addition, experts predict the minimum down payment (now 3.5%) is bound to rise again. So, as a prospective home buyer, take advantage of FHA's programs and historically low interest rates to purchase - at prices that rival rent payments! Doing so will help to ensure your 'glass slipper' dreams of home ownership aren't shattered. Besides, your fairy godmother would be proud.