Positive news just keeps coming. During most of 2008, the FHA limits on a single family home in New London County were increased to $398,750. As of December 31, 2008 they reverted back to the old limits which meant a drop to $280,600. Now the good news. The Economic Stimulus Package recently passed by Congress and signed by the President restored the higher limits. These new limits will be in place until December 31, 2009. In New London County this allows a homebuyer to purchase their home with 3.5% down using the FHA mortgage program. FHA rates are comparable to Conventional rates and for people with credit scores below 740 there are no higher rates or points charged on a FHA mortgage as there would be with a Conventional Mortgage! Another great reason to buy a home this year! 
Since 1980, Phil Turner has helped over 10,000 clients achieve the dream of homeownership. If you are planning to buy a home, please contact Phil. You'll find his professional service and years of experience exactly what you need in Eastern Connecticut's current housing market. Phil can be reached at McCue Mortgage, located at 8 Union Street in New London, by calling (860)444-0650 or (800)781-1180 or By EMAIL. | 
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