FHA just announced the new loan limits for some of the counties in Utah starting 23 days hence. It represents an almost 8% increase in Utah County and a paltry 1.5% increase in Salt Lake County. The max loan amounts for SFRs in the respective counties are $293,250 and $304,750 respectively. That means that your low-down buyers can purchase homes up to $303,886 in Utah County and $315,803 in Salt Lake County and still only come up with a 3.5% down payment. Feel free to print out this picture and tape it to the back side of your car’s windshield visor so you can refer to it when you are talking to clients and driving at the same time. And since we all work on commission, those of us who work both counties should expect a 4.75% raise in 2015 due to the increase in loan amounts. Thank you FHA, and long live big government.
