Increase in FHA Loans LimitsRecently, changes were made surrounding the FHA loan limits. The Federal Housing Administration will no back higher mortgages up to $729,750 in expensive areas. The limit use to be around $417,000 in most locations then was raised to $625,000 in hopes of changing the real estate market in 2008. These new efforts are said to expire two years from now. The local San Antonio movers learn that this new higher limit will not affect Fannie Mae and Freddie Mac, because have already soaked a lot of funds from taxpayers in the reported amount of $169 billion. Lawmakers taught these variables will help them not burn the candle on both ends, still hoping to boost the market.
The FHA doesn’t actually make loans, instead it provides insurance to borrowers that don’t have enough of a down payment to place for their home purchase. Thanks to FHA, future homebuyers can put as little as 3.5%. FHA backed about one –third of the loans needed to buy homes in 2010. Without FHA’s involvement, some homeowners will have to get a jumbo mortgage, typically at a higher interest rate anywhere from 20% to 30% down.
The San Antonio moving specialists learnt that FHA’s customers are typically first-time and low-income homebuyers. Along with Fannie Mae and Freddie Mac, these three agencies back 90% of the new mortgages.
If this new hike in loan limit from the FHA affects you and you can finally buy your dream home because of it, don’t forget about your friends at All My Sons of San Antonio to help you with moving services. Our local San Antonio movers will take care of every detail of your move, even help you find sturdy moving boxes and moving kits for simple packing duties. The San Antonio local moving team is part of All My Sons Moving and Storage, so you know you’ll be taken care of from beginning to end. Our professional movers will quilt-pad wrap your delicate furniture, help with disassemble some of the more complicate pieces you have at home and of course, help you reassemble these items in your new home. The San Antonio movers are a credible team of moving specialists, reputable within their industry as well as in their community.
When you’re ready to move, give the San Antonio moving team a call and know that you’ll be in good hands.