| FHA Loans > Enhanced Guidelines for 2011 |
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FHA loans are mortgages that are insured by the Federal Housing Authority (FHA). The FHA has recently enhanced its loan program to better meet home buyer's needs with higher loan limits, competitive interest rates and more flexible credit standards.
Buying Benefits
- Loan amounts up to $788,450 in certain markets.1
- Competitive interest rates, including the lowest annual (1%) and lifetime (5%) caps for ARM loans in the industry
- Flexible credit standards and no income limits
- Ability to use gift funds for a down payment, as well as down payment assistance programs
- Up to 6% seller contrbution towards closing costs or temporary rate buydown
- Renovation and limited repair programs provide funds to fix-up the property
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Selling Benefits
- Assumption feature provides option for buyers to take over the existing interest rate and remaining loan term
- Renovation and limited repair programs create appeal for buying fixer-upper properties
- The interest rate buydown option gives the seller more negotation tools
- Allows up to 6% in seller concessions to cover closing costs or temporary interest rate buydown
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2011 FHA Loan Limits1
Loans must close and fund on or before September 30, 2011.
Minneapolis/St. Paul, MN - WI
(Anoka, Carver, Chisago, Dakota, Hennepin, Isanit, Ramsey, Scott, Sherburne, Washington & Wright Counties in MN, Pierce & St. Croix Counties, WI) |
| 1 Family |
2 Family |
3 Family |
4 Family |
| $365,000 |
$467,250 |
$564,800 |
$701,900 |
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All other Minnesota Counties
(Including Dodge, Olmsted, Wabasha, Goodhue)
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| 1 Family |
2 Family |
3 Family |
4 Family |
| $271,050 |
$347,000 |
$419,400 |
$521,250 |
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Wisconsin
(Columbia, Dane, & Iowa Counties)
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| 1 Family |
2 Family |
3 Family |
4 Family |
| $293,750 |
$376,050 |
$454,550 |
$564,900 |
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Wisconsin
(Milwaukee, Ozaukee, Washington & Waukesha Counties)
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| 1 Family |
2 Family |
3 Family |
4 Family |
| $315,000 |
$403,250 |
$487,450 |
$605,750 |
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Wisconsin
(Kenosha County)
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| 1 Family |
2 Family |
3 Family |
4 Family |
| $410,000 |
$524,850 |
$634,450 |
$788,450 |
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Wisconsin
(Walworth County)
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| 1 Family |
2 Family |
3 Family |
4 Family |
| $278,750 |
$356,850 |
$431,350 |
$536,050 |
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All other Wisconsin Counties
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| 1 Family |
2 Family |
3 Family |
4 Family |
| $271,050 |
$347,000 |
$419,425 |
$521,250 |
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Contact us today to learn more about FHA loans and to see if these loans are a good opportunity for you.
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1FHA loan limits vary depending on your geographical location. Increased FHA loan amounts are only available on loans approved by September 30, 2011. Contact your home mortgage consultant for details. Information is subject to change without notice.
All first mortgage products are provided by Homeservices Lending, LLC Series A dba Edina Realty Mortgage. Edina Realty Mortgage may not be available in your area. Wells Fargo Home Mortgage is a division of Wells Fargo Bank, N.A. ©2011 Edina Realty Mortgage. All Rights Reserved.
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