FHA Loan Limit Lowered for Shakopee MN Homes

What does this mean for the average first time buyer? Simply you won’t be able to buy Shakopee homes or other MN homes for sale over the new $318,550 loan limit and only put down the minimum 3.5% downpayment. This leads those who purchase Shakopee homes and want to contribute as little as possible their max purchase price with an FHA loan limit will be $318,550.

If your loan is not cleared for closing by underwriting by September 30th, 2011, you will be subject to the new loan limits going into place.