FHA and VA Maximum Loan Limits Raised for 2006
FHA and VA maximum loan limits have been raised in the Philadelphia area. THe new loan limit is $270,500. Now that the market is "cooling", sellers are going to be more willing to accept FHA and VA deals, rather than insisting on only "conventional" financing (non-government). This is good news for home buyers!Credit requirements are generally more relaxed in these govermnment programs than in the conventional market since they are insured and guaranteed loans respectively backed by the federal government. In this way, they are actually more of a "sure thing" for home sellers than some conventional loans might be.
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