FHA raises mortgage limit
in Lane, five other counties
The federal Department of Housing and Urban Development has raised the FHA mortgage limits for six Oregon counties, including Lane.
As of Nov. 1, the limit for Lane County has been increased to $213,750 from $205,200, meaning that a buyer could purchase a home priced at approximately $220,350 using an FHA loan with a down payment of 3 percent. Mortgage limits also were raised in Deschutes, Jackson, Josephine, Lincoln and Tillamook counties.
"This increase in FHA loan limits is in response to the continuing rapid increases in the average price of housing in these counties and will help more people purchase or finance homes using FHA mortgage insurance," HUD Regional Director John Meyers said. People aged 62 and older also can tap into equity in their homes using FHA reverse mortgages.
- From Register-Guard
and news service reports
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|Title Annotation:||Wire Business; METRO|
|Publication:||The Register-Guard (Eugene, OR)|
|Date:||Nov 14, 2006|
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