FHA loan limits across the nation will drop. The current loan limit of $400,000 here in our Corporate Office location in Clark County, Las Vegas, Nevada will decrease to $287,500. That can have a dramatic effect on your buying decisions especially if you already have an offer out or you may not close before Oct. 1st.
We are prepared for this change as Mortgage Professionals. For you to close on an FHA loan after Sept 30th you must have an FHA case number for the home, an appraisal and an underwriting credit approval with review of the appraisal completed. These items can't be done until after you have a fully executed purchase agreement in hand! That gives you until about the 7th of September to get your purchase contract complete and at your lenders office if you want any hope of closing at the higher loan limits that exist right now.
Lastly, the higher loan limits could be extended but, never assume! Valley West Mortgage is ready to do everything we can to close your loan! HERE IS A LINK TO THE HUD LOAN LIMIT FINDER TOOL FOR ALL U.S. COUNTIES: FHA LIMITS BY COUNTY. Call us today (702) 696-9900 if you want more information or to be updated as we move forward.