Possible Loan Amount Reduction For Fort Lauderdale FHA Mortgages

FHA just released a market analysis brief stating that “Barring Congressional action, Federal Housing Administration (FHA) loan limits will revert back to loan limits determined under the Housing and Economic Recovery Act (HERA) for loans
insured by FHA on or after October 1, 2011.”

If you want to get an FHA mortgage in Broward, Palm Beach, or Miami-Dade County’s the limit is $423,750 and the potential decrease could be down to $345,000.  This is another reason to buy now.

There is an interesting exhibit on page 5 of the link below showing the counties affected by the potential decrease in FHA mortgage limits and you will see Fort Lauderdale and South Florida is highlighted completely.  This is another reason to buy now if you are looking to get an FHA mortgage with a loan amount above $345,000.

http://portal.hud.gov/hudportal/documents/huddoc?id=FHA_Loan_Limits_HERA.pdf