With only a week away till October 1st when the FHA Mortgage limits decrease. Starting October 1st the FHA Mortgage limits in Berks County for a single family home will be $271,050.
FHA mortgages make up about 30% of the financing used for purchases. With the low rates currently many are also refinancing with FHA since the mortgage insurance is lower and the qualifying restrictions are lighter then what is needed with a conventional mortgage.
Many first time home buyers will use FHA financing since they are able to get into a home with only the 3.5% down payment. The 3.5% can be either their own money or can be gifted from a family member. Also buyers are able to ask for up to 6% seller assist to help with closing costs from the seller.
Considering purchasing a home or refinancing you can find the limits for FHA at https://entp.hud.gov/idapp/html/hicostlook.cfm.
If your in the market to purchase a home or would like suggestions on a lender to refinance feel free to contact me either by phone or by email.