Utah FHA Loan Limits Increased

The loan limits for FHA,  Freddie Mac, and Fannie Mae, home loans were substantially increased. These new limits are approximately 125% of the median home prices in the individual markets. Here are the new limits for the major Wasatch Front Counties:

• $271,050 in Box Elder County
• $271,050 in Cache County
• $397,500 in Davis County
• $397,500 in Morgan County
• $729,750 in SL County
• $729,750 in Summit County
• $729,750 in Tooele County (this one seems too high, but thats what HUD says)
• $397,500 in Weber County 

This is good news for first time home buyers and other  borrowers in more expensive areas. Since the “credit crunch” and “mortgage meltdown,.” 100% financing and no money down loans have been harder to obtain. Because the median home was priced much higher than the loan limits in some markets, it made no money home buying nearly impossible for many Utah first time home buyers.   This increase should help the housing market in general. For more areas visit HUDS Website