FHA Limits Rise to $625,000 from $362,700 in January

FHA loans limits will rise on January 1st. Will this help the Daytona Beach Homes and Condos market? I’ll say, maybe a little.

FHA loans are being made right now. It is one of the few avenues available for many buyers. The Daytona Beach real estate market has suffered at the high end. In October, less than 10% of area sales were above $300,000. Making loans available at the higher limit may result in a few more sales.

Can I Qualify for an FHA Loan?

The question for most buyers is can I qualify? According to the FHA Website, you are likely to qualify if you can answer yes to these questions:

• Two Years of steady employment, preferably with same employer.

• Last two years Income should be the same or increasing.

• Credit report should typically have less than two thirty day lates in last two years.

• Bankruptcy’s must be at least two years old, with good credit since.

• Foreclosure’s must be at least three years old, with good credit since.

• Your new mortgage payment should be approximately 30% of your gross income.

There you have it. An option to pursue where loans are being made. If you are in the market and need a loan, go to an established and reputable mortgage source. Beware the FHA Loan Sharks describe in this blog post.

If you need help in finding a solid local mortgage lender, give me a call at 386-566-7503.

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