FHA Equivalent to Conventional

FHA has decided to lower their loan limits. This is critical for those of us that are looking to buy a home with a lower down payment at a higher sales price. The new loan limit of Clark county, Nevada is $287,500. So, what? Well one of my clients wanted to utilize this great opportunity and purchase a home at $350,000, he told me today his dreams have been destroyed because now he can not buy in the neighborhood he desires. He tells me he only has two option: to save more money for the down payment to go Conventional financing or to lower his purchase price and look in a different neighborhood. I state no that is not true... everyone in the purchasing pool above the $287,500 needs to know this great secret. Conventional loan products NOW offered can be equivalently to the FHA loan product. I made this clients day and now he is back looking.
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