Today the new FHA and Fannie Mae- Freddie Mac conforming loan limits have been released by the U.S. Department of Housing and Urban Development.
Here’s a link to HUD’s site for finding the new conforming loan limits for a specific area. Washoe County’s is now $403,750 for a single family home and Carson City is now at $398,750. These are an increase over the previous FHA loan limit of $367,750.
Furthermore, my lender friends tell me that FHA is not what it was years ago as there is no longer a special required appraisal and the seller only has to pay the 75.00 tax service fee. Congress is still exploring the option of reducing the required 3% down to 1½% and mortgage insurance is only .5% per month.