House prices have been increasing rapidly here in Utah as well as most parts of the country. This creates a problem for those looking to get a mortgage when loan limits don’t increase at the same pace. Conventional loan limits were stagnant at $417,000 from 2006 until 2017 when they increase to a measly $424,100. So it is very encouraging to see that 2018 limits have increased to $453,100.
Details:
1 Unit – $453,100
2 Units – $580,150
3 Units – $701,250
4 Units – $871,450
Higher priced counties in Utah
Salt Lake – $600,300 (1 unit)
Summit – $636,150 (1 unit)
FHA loan limits are still $323,400 for Utah County and $328,900 for Salt Lake but I am hopeful we will see an increase in the near future.
It is a great time to buy a house and remember – FRIENDS DON’T LET FRIENDS THROW AWAY MONEY ON RENT. Pass along my name to anyone you know looking to buy a home.
