The Department of Housing and Urban Development (HUD) today announced increases to the FHA lending limits for the New Orleans metropolitan area.
With the recent tightening of conventional lending guidelines, many home buyers are turning to FHA financing to achieve their goal of home ownership.
The new single family/townhouse/condo limits are as follows:
- Orleans, Jefferson, St. Charles, St. Tammany, St. Bernard and St. John the Baptist parishes: $287,500
- All other metro area parishes: $271,050
Remember, FHA financing can be used for properties with up to 4 units as long
as one of the units is owner occupied. This means that buyers interested in purchasing doubles, triplexes and four plexes to live in one unit and rent the other(s) can finance their purchase with a low down payment FHA loan.
For a referral to a FHA lender in the New Orleans area, please contact the West Bank Living Team.
