FHA Increases Lending Limits for the Twin Cities
After all, what better way to start building an investment property portfolio than to put just 3.5 percent down?
There’s recently been one problem with this approach, however. FHA caps the amount they will lend on a property according to the county you live in. And in the seven county metro area, this limit kept many buyers from making offers on properties that suited their needs.
Fortunately, FHA recognized the need to raise the limits, and recently increased maximum loan limits in the Twin Cities as follows:
- Single family – $356,500
- Duplex – $456,350
- Triplex – $551,650
- Fourplex – $685,550
This should help broaden the market somewhat for buyers competing for such a limited supply of property.