Hello Lundon,

John was correct the loan limit was $298,750 and with the 3.5% required down payment, your purchase price can be up to $309,585. Now is also a great time to buy because of the rates falling below 5% again. Let me know if you need help with the pre-approval process. Last week we were quoting FHA rates at 4.875% with no points.

Hi Lundon,
In Lake county, the limit on a single family home is a $298,750 mortgage.
As a first timer, it REALLY is in your best interest to make a move on a home if you are consider purchasing a home in the near future.
Interest rates are low. Prices of homes are affordable. AND-The Federal Government Is Offering up to $8000 to first time home buyers with minimal strings/conditions attached.
I strongly suggest that you contact a mortgage broker in the area if you have not already contacted a lender. If you need the names of mortgage brokers , I would be happy to furnish you the names of local lenders.
This is REAL MONEY. It has been a tremendous incentive for people to become Buyers.
I would be happy to send you some additional info on the 1st Time Home Buyers Tax Credit program.
Should you have any questions, please call me at 440-487-2193 or e-mail me at John@CallRealtorJohn.com.
Look forward to working for you!
John Wirsing
e-PRO Realtor
RE/MAX Premiere Properties

Depends on the FHA loan limit in the area you are looking to purchase in. Visit the offical FHA website and view the FHA lendling limits at https://entp.hud.gov/idapp/html/hicostlook.cfm.

The maximum loan amount is set by a formula and varies by county and state. Talk to a lender in your area to get the amount.

Hello Lundon and thanks for your note.

Right now, the "jumbo" loan through FHA tops at $729,000. That amount will decrease back down to around $640,000 in December 2009 unless there is an extension of the higher balance for jumbo loans. Thus, if you have, say $100,000 to put down as a downpayment, then the maximum you can afford to purchase will be $829,000 (or $729,000 plus $100,000 = $829,000).

I'm assuming that you are going FHA because you do not have a large downpayment? There are conventional loans available now through Fannie and Freddie that are 10 percent down loans, and wth your higher credit score, this might be possible.

To determine what you can comfortably afford, talk with a trusted mortgage broker or lender in your neighborhood.

Good luck!!

Sincerely,
Grace Morioka, SRES, e-Pro
Area Pro Realty

The maximum FHA loan is determined per county ,and it can be very different.
Once you have decided on a county a mortgage agent in that area can give you the exact amount.