Although FHA loans only make up a small percentage of the home loan market, the number of these loans have gone up this year, 126% in the first quarter 2008.
Many attribute FHA's growth spurt in part to federal legislation that has temporarily raised the FHA loan limits nationwide ($271,050 in Las Cruces for a single family home), broadening the number of people who can use these loans.
Often popular for the minimal down payments and less stringent credit requirements, most FHA loans are used for refinancing but with with the higher limits such loans can be a useful option for home buyers in the current market.
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