FHA Lending Limits Change
March 7, 2008 by Admin · Leave a Comment
We’ve been expecting to see this, but the new lending limits for FHA loans in Southern Maryland have been published (fair warning: this is kinda dry information, add water as necessary).
For Charles County and Calvert County, the new limit for a FHA loan on a single family home is $729,750. For those of you who know the area well, that’s an astronomical number when you consider the average sales price of a home is closer to $300k!
St. Mary’s County is considerably lower, the new limit is now $400,000, and while St. Mary’s is considerably cheaper to live in, this is still a remarkable change.
Also, Prince George’s County has been adjusted to $729,750 as well. The biggest benefit for buyers is likely to be in P.G. County, and hopefully this will help to keep loan rates down as less people will have to consider Jumbo financing.
~Jonathan Benya
Century 21 New Millennium
9405-A Chesapeake St
La Plata, MD 20646
301-609-9000
301-653-8116
Waldorf and Southern Maryland Real Estate
www.teambenya.com
