Are you a Summit County Local or planning to become one? Guess What? It is possible to get an FHA loan in Summit County! and the loan limit is $729,750!! This means you could get a FHA loan on your primary residence in Summit County on a purchase of a home costing almost $800,000 with no "JUMBO" loan rates or fees! This is such an extraordinary benefit to people who live here and call Breckenridge, Keystone, Frisco or other community home.
What does this mean to Buyers of homes in Summit County?
The loans typically have an upfront mortgage inurance premium and then a monthly premium. This means that the monthly payment on a FHA loan will typically be slightly higher than a conventional loan that had 5% down. The true advantage of the FHA loan is that the loan is fully assumable to any future qualified purchaser with all terms remaining the same. Thus you, as the future Seller will have an extraordinary advantage over your competition if interest rates rise over today's current historic low rates. This could result in a higher sales price and a quicker sale for your future.
Let us reccomend mortgage professonals who can run your details and make the correct mortgage program selection for you!