HUD announced yesterday that it has raised the FHA loan limit in to as high as $729,750 in some high cost counties. See Wall Street Journal article Go the the HUD website for a list of the new FHA loan limits for the state of Florida county by county.
As highlighted in the Wall Street Journal article above in many instances FHA loans have become less expensive than conventional loans. These new loans limits, the fact that interest remain near historic lows and that we remain in a very strong buyers market have set the stage for the stabilization of the local single family home market. It may take some time before loans under the new FHA caps are available and as soon as they are rest assured that we will get the word out.
The smart money is buying now!