FHA Loan Limit Drops To 287500 From 400000 In Clark County

FHA has dropped loan limits in Clark County Nevada on Friday December 6th, 2013 from $400,000 to $287,500 . What does this mean? Well if you are looking to finance a home over $287,500 then you will need a higher down payment since FHA only requires 3.5% down and is more lax on credit standards than conventional financing. So you are going to have to come up with at least 5 down and qualifying may be harder. If you are looking to finance on a home over $287,500 and need to go FHA since you only have the 3.5% down, or have some credit issues , you need to have the loan approved and an FHA case number assigned by December 31st, 2013. If you fit into this category contact us right away and we will get you in touch with our preferred lender to get started.