FHA Loan Limits Increase in Chelan / Douglas Co.
Guest Post: Submitted by Darel Ansley, Peoples Bank, Wenatchee
The FHA loan limits were set to decrease January 1st, but the Government has now announced an increase for some counties. Included in this are Chelan and Douglas Counties with new FHA loan limits of $342,700 for a single-family home. Okanogan and Grant County will be at $271,050
We have been trying to get the message out that this is the new loan of choice for all buyers, FHA does not have income limits and is not just for first-time buyers. Here are some of the advantages over the normal Fannie Mae conforming loan:
1) Easier credit qualifying
2) Only 3% down
3) Lower interest rates
4) Less expensive mortgage insurance
5) Assumable mortgage
6) Family members can co-sign
7) No reserve requirement
Rates are currently around 6.0%
One last thing to note- the only FHA underwriter in Wenatchee is right here in our office; to the best of my knowledge, all other FHA lenders have to ship their loans somewhere else for underwriting.
