Federal Mortgage Cap Raised 8.8%
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The federal government said Thursday it would raise to $239,250 its cap on the amount of a home mortgage it will insure in Ventura County. That should help more working-class residents buy homes.
The new limit for Federal Housing Administration-backed loans, an increase of 8.8%, reflects the continued rise in the region’s housing prices.
FHA, a division of the U.S. Department of Housing and Urban Development, does not make loans directly, but insures loans in cases in which private lenders are otherwise reluctant to work with a home buyer.
Nationally, about 82% of FHA-insured home loans go to first-time home buyers. FHA insures 42% of all home mortgages to black and Latino home buyers, according to division officials.
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