Orange and Rockland County FHA Changes for 2009
Posted on 09. Jan, 2009 by Joshua Ferris in Blog, Industry, new york, real estate
2009 is well underway and there are many changes afoot in real estate including local FHA loan limit changes which vary by county.
What are the benefits of an FHA loan?
Getting an FHA loan has many benefits like a minimum down payment amount of just 3.5% down rather than more traditional loan scenarios that require 10% or more down.
Learn more about the FHA and FHA loans by clicking here.
Orange County New York Loan Limits for 2009
Unfortunately the FHA loan limits have dropped from what they were in 2008 and the new loan limits for 2009 are as follows:
Single Family Home: $356,500
Two-Family Home: $456,350
Three-Family Home: $551,650
Four-Family Home: $685,550
Rockland County New York Loan Limits for 2009
Single Family Home: $625,500
Two-Family Home: $800,775
Three-Family Home: $967,950
Four-Family Home: $1,202,925
If you are interested in a condominium community you (or your agent) must know whether the community is FHA approved before purchasing a home in the community. Should the community not be approved then you cannot purchase a home there using an FHA loan.
If you have any questions or comments please leave a comment below. For more information on FHA loans, limits and approved communities contact Kim Reynolds at Bank of America. She can be reached directly at (845) 216-7859, by email or online.