2008 is almost gone and 2009 is just around the corner. Home buyers in Atlanta need to be aware that we are facing some changes if we are looking to purchase a home using in FHA financing in 2009. The first big change is the FHA loan limits for Georgia will be decreasing some in 2009.

FHA Loan Limits 2008

Single-Family = $346,250

Two-Family = $443,250

Three-Family = $535,800

Four-Family = $665,850

FHA Loan Limits in 2009

Single-Family = $320,850

Two-Family = $410,750

Three-Family = $496,500

Four-Family = $617,000

The limits in the rest of Georgia outside the metro area will remain the same in 2009 as they were in 2008.

Georgia Non-Metro FHA Loan Limits 2008 & 2009

Single-Family = $271,050

Two-Family = $347,000

Three-Family = $419,425

Four-Family = $521,250

Finally, in addition to Atlanta’s FHA loan limits decreasing, the down payment will be increasing as well. Previously, FHA required 3% as the down payment. In 2009 FHA will require Atlanta home buyers to put 3.5% down on their next FHA purchase. There is still one exception to that rule for HUD foreclosures. They will still only require $100 down for home buyers purchasing a primary residence. You still have time to take advantage of the higher FHA loan limits and lower FHA down payments though, but you have to act FAST!. Give us a call TODAY to get started on your FHA purchase! If you are purchasing with a FHA 203K Renovation Loan then your down payments will remain the same!

Jonathan Blackwell

Hometown Lenders

404-551-3845

EMAIL