Beginning 10-1-2011, the temporary increase in FHA Loan Limits across the nation will cease. As for Las Vegas, NV, located in Clark County, our current loan limit of $400,000 will decrease to $287,500.
Make sure your lender is prepared for this change. There are requirements need to occur on your purchase or refinance by 9-30-11 if you are planning on exceeding $287,500 or forget about going over. Such things include obtaining an FHA case # for the home, getting an appraisal and underwriting credit approval with review of the appraisal.
There is a possibility that the previous increase could be extended again, but we won't know until legislature meets to discuss extending it and that won't be until after 10/1/2011. So be sure that your loan officer, broker or lender is prepared. If you are purchasing a home, the time line to meet this will be tight, I would suggest having a fully executed purchase contract in your hands no later than the 2nd week of September. That will give your lender enough time to arrange the lending paperwork, order case #, order appraisal and obtain underwriting approval. Your involvement in this deadline is just as important as your lenders.
For a complete listing of all the loan limits across the nation on HUD's website, click here. Be sure to search by your specific county you live in as FHA loan limits are specifically designated by County.
The conforming loan limit for Fannie Mae and Freddie Mac remains at $417,000.