Home Buying in Springboro>Question Details

Dd, Home Buyer in Springboro, OH

Is the FHA limit set by county or by the nearest MSA?

Asked by Dd, Springboro, OH Tue Aug 5, 2008

We live in Springboro, which is closer to Dayton than Cincinnati, but the FHA limit for Warren County is $62,000 higher than for Montgomery County. So we are hoping that the limit for our impending house purchase will be governed by the county rather than the MSA which we are much closer to. Which one is the correct limit?

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FHA limits are set by county and fortunately Warren County's limit is now $337,500 from the previous amount of $256,500. If you need any more help feel free to call for a loan consultant and a real estate consultant. I live in Springboro and will try to answer any questions you may have.
Web Reference: http://www.MaryStarkey.com
0 votes Thank Flag Link Tue Aug 5, 2008
Greetings out to you in Ohio. My mother grew up in Ohio and I have fond memories of traveling out there (Fremont, OH) every summer to visit my grandmother, aunts, uncles, and cousins.

Good news for you. FHA limits are set by county regardless of whether you are closer to another MSA. Since you are in Warren County, then you will be governed by the limits for such county. You can do your own search using the following link:

https://entp.hud.gov/idapp/html/hicostlook.cfm
0 votes Thank Flag Link Tue Aug 5, 2008
The Law will permanently increase the cap on the size of Loans guaranteed by Fannie and Freddie Conforming Loan Limits up to the greater of $417,000 or 115% local area Median Home Price, Capped at $625,500. The effective date for reforms is immediate upon enactment, but the loan limits will not go into effect until the expiration of the Economic Stimulus limits (12/31/2008)
Web Reference: http://www.liveinakron.com
0 votes Thank Flag Link Tue Aug 5, 2008
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