FHA Loan Limit Can’t Stop Sales on New Homes in Palm Desert, Ca

Palm Desert, CA, April 11, 2015 --(PR.com)-- It was over a year ago that Mario Gonzales said he was concerned about new FHA rules that could make it harder for buyers to purchase homes at Encore, a mid-priced community of 32 homes that was just opening. Federal regulations had lowered the debt-to-income ratio go 43 percent and dropped the FHA loan limit below the average home price at Encore, which was about $450,000.

It is now over a year since the change, and in spite of the tougher market, Encore has been able to still sell 29 homes leaving only 3 homes remaining.

“In the face of tougher Federal regulations, we have been able to sell the homes at Encore by adding more value, features and the extra effort our sales representatives have made working closely with iMortgage, Encore’s preferred lender, to get loans for our buyers,” added Gonzales. That extra value came in the many features that were added to the homes. Features that would normally be upgrades from most builders, like granite counter-tops, maple cabinets, stainless steel appliances, 6” base boards, two tone paint selections, a fully landscaped front yard and private courtyard were all standard features this year.

With only 3 homes left at Encore, prices have been lowered and even more features added, like Multi-slide doors leading out to the covered patios and extra tile flooring.

Plans for the future developments of new homes in Palm Desert include smaller homes in the 1400 to 1800 sq. foot range that will be in the mid $300,000 price range giving more opportunity for the first time home buyer to obtain a FHA loan.

For more information on Encore and future developments, call Heliana Tannus at 760 213-1111.