Monday, August 22, 2011

Buy Las Vegas Real Estate Before FHA Loan Limits Decrease!

Prospective owner occupants need to hurry up and buy Las Vegas real estate before FHA loan limits decrease! The Department of Housing and Urban Development has revised its FHA loan limits for counties across the United States based on the most recent average sales prices, and as of October 1, 2011, Clark County Nevada limits will be lowered substantially.

Currently, owner occupant Las Vegas home buyers are able to purchase a single family residence up to $400k using FHA financing in Clark County with a 3.5% down payment. Or they can buy an owner occupied four plex up to $769,250, again with a 3.5% down payment. But for loans closed after October 1, 2011 the new limits will be CONSIDERABLY lower, decreasing to $287,500 for a single family residence or $552,900 for an owner occupied four plex.

So if you have been considering the purchase of a primary residence and you want to buy something above $287,500 with only a 3.5% down payment, you will need to get cracking to beat the October 1st deadline! Otherwise you will have to pay any difference between the new loan limits and the sales price in cash, or get a conventional mortgage and come up with a 10% or 20% down payment.

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