Most of you have heard that they've increased FHA Mortgage Loan Limits in Utah as part of the new economic stimulus package. Here are some of the new loan limits for FHA in Utah per County:
Davis County - $397,500
Salt Lake County - $729,750
Tooele County - $729,750
Utah County - $323,750
Wasatch County - $431,250
Washington County - $372,500
Weber County - $397,500
This is fantastic news for places like Utah County where previously the FHA Loan Limit in Utah County was about $100,000 less than it is now! You can actually buy a home in Utah County using an FHA Mortgage.
Here's the caveat: At the moment if you borrow more than $417,000 with an FHA Loan in Utah you will probably end up getting a higher interest rate...probably about 1% higher. However, the interest rate will still be better than if you got a Jumbo Loan in Utah!
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