New FHA Loan Limits Helps Grantsville Ut, Most !!
The new FHA loan limit increase helped Grantsville more than the other Tooele County Towns. The program basically offers lower down payments, easier qualification, less expensive private mortgage insurance and the higher loan limits.
Even though the increase, part of the "bailout package" was designed to solve some of the sub prime loan mess, and Tooele County is in pretty good shape, as far as foreclosures and short sales are concerned, Grantsville got the most benefit.
One way to look at the new program is to imagine how many home buyers it will help get that new home, or refinance out of a bad loan into a good one. Thats hard to do, we know it's a good deal, we just dont know for how many.
Another way is to think in terms of how many houses now qualify for a better loan, IE: smaller down payment, jumbo loan status. As a matter of fact, with the supply of mortgage money drying up, you can think of it as the number of homes in an area that can get financing at all. That's a lot easier.
Look at all the homes priced between the old FHA loan limit $362,790, and the new FHA limit $729,750 and that number is the number of homes that have been helped by the new "bailout package". We do understand that all of the homes on the MLS will be helped by the new FHA programs, but we are more interested here in those homes that are priced in what was previously considered JUMBO territory.
In Tooele County the number of homes helped by the program is 52. Here is the list of number of homes by area that were effected. As we said, Grantsville was first.
Grantsville Ut: 20
Tooele City: 14
Stockton: 6
Erda Utah: 5
Stansbury Park: 4
Lake Point: 2
What it looks like to me is, Ranchettes, and Horse Properties got a good deal from the bailout and other Towns around the State of Utah can use the plan to refinance.
For a list of all of the homes for sale in Grantsville, or the hundreds of properties in Tooele Valley click on our web site at Tooele homes for sale. No need to register, you'll get pictures, prices, locations, all FREE and updated daily. You can call us for any Real Estate Information @ 435-840-5029.
Remember, while the new FHA loan limits help Grantsville the most, they could help you ! Call us.