Right now, the FHA loan limit for Lane County is $343,750. That means  you can purchase a home for about $356,000 with a minimum 3.5% down payment. January 1, the FHA Mortgage Loan Limit could change, and not for the better.

Loan limits are based on sales in a particular area with the current minimum loan limit set at $271,050.  The current loan limit is temporary and was a welcome amount earlier this year when the Eugene/Springfield MSA (Metropolitan Service Area) was increased to the current level.

So, if you are contemplating purchasing a home in the $300,000 – $350,000 price range and have the minimum down payment, maybe now is not too soon to look for your home. Also, the First Time Home Buyer Tax Credit is scheduled to go away on December 1 of this year. Give me a call at 541-342-7576/541-221-3455 Cell or e-mail me for more information or to get your application started.

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