Lennar cites FHA’s increased limits as reason to buy now

With the Federal Housing Administration now guaranteeing mortgage loans up to $400,000 in Clark County, buyers can get more home for their money, said John Farias, vice president of Lennar's sister company, United American Mortgage Co. of Las Vegas.

Another positive effect of FHA raising its limits is that first-time buyers who may not have been able to qualify previously, now have an opportunity to get into a Lennar home, Farias said. With interest rates at near-historic lows and some of the most affordably priced homes in years on the market, the FHA has enhanced what is widely considered to be a "buyer's market," according to Farias.

"Raising FHA limits to better match today's housing market is a move that's well overdue," he said. "Although its original intent was to provide relief for people with adjustable rate mortgages, it increased the pool of eligible home buyers for the federally insured loans. The new buying power provides an opportunity for many home buyers that may not even be aware of it."

The higher FHA limits for guaranteeing loans were part of the national economic stimulus package, but Congress stipulated it was only a temporary measure. Farias said United American Mortgage expects that FHA limits will go back down at the end of the year.

"The federal government has really gone to incredible lengths to make the home- buying environment the best we've seen in a long time. It's clear home buyers have a lot of opportunity right now making conditions ideal to buy right now," Farias said.

Lennar offers 32 neighborhoods throughout the Las Vegas Valley and builds homes in a wide range of prices. There are 29 Las Vegas-area neighborhoods with homes priced within the parameters of FHA's new Clark County limit (the FHA limit varies from one metropolitan area to another, depending on median home values).

Founded more than 50 years ago, Lennar has grown into one of the nation's leading home builders. With hundreds of communities nationwide and products designed for first-time, move-up and luxury home buyers, Lennar offers numerous upgrades within its standard price -- a policy the builder describes as "Everything You Want, Everything You Need, That's the Logic of Lennar."

For more information about FHA-eligible Lennar neighborhoods and other offers from the builder, call 800-495-2821, or use the Live Chat feature available on Lennar.com.