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FHA Loan Limit increases for Lane County to $343,750
February 25th, 2009 | 
Author: Last year, as part of the Housing Bill of 2008, HUD raised the FHA loan limits across the United States as a way to help people that were having difficulty refinancing their sub-prime mortgages. That temporary increase expired on Dec. 31, 2008 and the new minimum FHA loan limit went into effect for the Eugene/Springfield and Lane County area. Although still a decent limit, it did take a lot of the market out of FHA financing. Well, that changed this week.
Lane County has a new FHA Loan Limit of $343,750 effective immediately, according to HUD as of this week. The loan limit was lowered to $271,050 from the temporary higher amount on Jan. 1, 2009 but has now returned. This is a huge change for the benefit of everyone looking to buy or refinance over the minimum FHA loan limit of $271,050 that Lane County and Eugene/Springfield dropped to on Jan. 1, 2009. This loan limit is also the same for FHA 203k Streamline purchase and refinance loans.
This also means that the corresponding loan limits for two, three and four unit properties also went up. Duplexes are now limited to $440,050, triplexes to $531,900 and four plexes to $661,050. Linn and Douglas Counties are still limited to $217,050 but Benton County loan limit is set at $337,500.
When the 203k Streamline loan is used as a purchase of a foreclosure at this new higher loan amount, a lot of previously unavailable properties are now in the FHA market place. As near as I know, there was no warning about this change in loan limit and no indication as to if it is going to be permanent or temporary.
It is a great change and will assist in the home sale and refinance process in the Eugene/Springfield housing market. With this increased loan limit of $343,750 and the Stimulus Bill First Time Home Buyer Tax Credit of $8,000 for those that qualify, now may just be the right time to buy a home. If you have questions about qualifying for an FHA loan or about how you can use an FHA 203k to renovate or purchase, give me a call at 541-342-7576 or drop me an e-mail at fchamberlin@alpinemc.com. I am here to assist you.
Posted in $8000 tax credit, Eugene/Springfield, FHA 203b, FHA Mortgage Loans, FHA203K Streamline, First Time Home Buyer, Government Loans, Mortgage Loans | 
Tags: $8000 tax credit, energystar, Eugene/Springfield Lane County Oregon, FHA 203b, fha 203k, First Time Home Buyers, Foreclosures, green lending, Mortgage Loans, Real Estate Loans, Stimulus Bill
My husband and I were looking into buy a house that has been gutted and the agent will only take cash or a renovation loan for the house. Its cost is $142,405. Does this fit in with a FHA loan. This is not our first house purchase, but it has been over 8 years since we have owned one. We are currently renters.