HUD raises income
limits for loans
Express Staff Writer
Department of Housing and Urban Development has raised the income limits
on home loans it provides through the Federal Housing Administration.
increase could make it easier for working families to become homeowners.
County, the maximum that a one- or two-person household can make and still
qualify for an FHA loan is now $52,500. Households with three or more
people can qualify at up to $54,600.
the maximums were $50,000 and $52,000 respectively.
other South Central Idaho counties increased also.
changes follow increases in mortgage limits FHA announced in January. FHA
now insures mortgages for single-family homes of up to $255,550 in Blaine
for two-to-four-unit dwellings also increased in January.
loans help low- to middle-income and first-time home-buyers because the
agency requires only a three-percent down payment and allows family and
friends to contribute to the initial expense of buying a home. Also, the
agency has relaxed standards and allows borrowers to carry more debt than
private mortgage insurers usually allow.
drawback to HUD loans is they have income limits, which means borrowers
might need to have a large down payment to qualify for a $255,550 loan,
said Gates Kellett, director of the Blaine County Housing Authority.
limit increases will help ease that.
lenders in South Central Idaho include D.L. Evans Bank, First Federal
Savings Bank, Magic Valley Bank, Republic Mortgage and Wells Fargo Home
143 loans were financed through FHA in South Central Idaho.
past, the loans have helped buyers of price-restricted affordable housing,
such as the two-bedroom River Glenn condominiums in Ketchum, which sold
expects the FHA increases will allow more home-buyers to use HUD loans to
buy market-rate homes.