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.
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? Mattamy Homes in Shakopee Riverside Bluffs | Home
Source: http://www.shakopeerealestate.com/2011/09/01/fha-loan-limit-lowered-for-shakopee-mn-homes/
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