The new FHA loan limits for Reno, Sparks, Carson City and Tahoe and the rest of Northern Nevada have been announced and as a Reno lender, I’m extremely happy.

The good news for people looking for homes in the Reno area is that in Washoe County the FHA loan limits for Reno, Nevada were increased to $403,750 from $362,790. This definitely gives us more flexibility as FHA is still the best loan out there for most buyers. FHA loans are not impacted by the “declining market” guidelines or Wall Street’s liquidity issues. With FHA we’re still able to offer 100% financing for Reno homes with some of the aggressive down payment assistance programs out there. In addition, the seller can cover the closing costs; therefore buyers can get in with nothing down loans. This is great news. Rates are still at historic lows. There are incredible deals on homes out there. If you’re waiting for the housing market to bottom out, keep in mind we won’t know we hit a bottom until we’re on our way back up and you will have missed it. Although one sure signal is when Reno mortgage rates go up as the economy and homes go up. By then any fence sitters would have lost the opportunities we currently have and will be money behind in my opinion. If there is a home you want, your best bet is to get in contact with a good, local lender to get information on the latest rates and programs available. I hope you will consider me, along with our established and experienced full-time, local staff at Platinum 1st Mortgage, Stephanie Hanna Your Personal Reno Home Loan Consultant Platinum 1st Mortgageshanna@platinum1st.com775 829 4988 Stephanie Hanna

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