Eugene Loan Guy

$343,750 is the new and returning loan limit for Lane County, according to HUD as of this week. The loan limit was lowered to $271,050 from the temporary higher amount on Jan. 1, 2009 but has now returned. This is a huge change for the benefit of everyone looking to buy or refinance over the minimum FHA loan limit of $271,050 that Lane County and Eugene/Springfield dropped to on Jan. 1, 2009. This loan limit is also the same for FHA 203k Streamline purchase and refinance loans.

This also means that the corresponding loan limits for two, three and four unit properties also went up. Duplexes are now limited to $440,050, triplexes to $531,900 and four plexes to $661,050. Linn and Douglas Counties are still limited to $217,050 but Benton County loan limit is set at $337,500.

When the 203k Streamline loan is used as a purchase of a foreclosure at this new higher loan amount, a lot of previously unavailable properties are now in the FHA market place. As near as I know, there was no warning about this change in loan limit and no indication as to if it is going to be permanent or temporary. It is a great change and will assist in the home sale and refinance process in the Eugene/Springfield housing market. If you have questions about qualifying for an FHA loan or about how you can use an FHA 203k to renovate or purchase, give me a call at 541-342-7576 or drop me an e-mail at fchamberlin@alpinemc.com. I am here to assist you.

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