Good news for the Austin area. HUD increased the FHA loan limits for 2015. This is great news as we are seeing appreciating home prices, and this allows more people to afford a home. FHA mortgages allow for lower credit scores, only require a 3.5% down payment, and allow gifts or down payment assistance for the down payment and closing costs.
HUD is increasing the loan limits next year in all 5 metro counties. Below is a snapshot with the increases.
Let me know if you have any questions about FHA financing or need help with any clients!