With all the turmoil in the credit markets and loan programs disappearing overnight, the government backed mortgages have become critically important.
Today, FHA limits were raised for the Albuquerque/Rio Rancho area to $271,050. And, of course, FHA loans require only a 3% down payment. Keeping in mind that our average price is just about $220-230,000 on any given month, that will mean a lot of stability and less funds needed to close for a very big proportion of the local market.
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