The current loan limit for FHA financing is $420,000 set by the 2008 Stimulus Package which was signed into law in February 2008.  Effective January 1, 2009 the new FHA loan limits for loan limit for a single family house in Bucks, Delaware, Montgomery and Philadelphia Counties will decrease from $420,000 to $379,500. However, the conventional conforming loan limit will remain the same at $417,000. 

If you need to check loan limits for other counties, this is the link: https://entp.hud.gov/idapp/html/hicostlook.cfm 

Effective January 1, 2009 the minimum down payment and required funds into the transaction for FHA will change as well.  The current required down payment is 2.25% and a total of 3% into the transaction with a maximum sellers assist.  Starting January 1, 2009 any deals that do not have the FHA case number ordered by that time will change to 3.5% down and 3.5% into the equation with a maximum sellers assist. 

If you are “on the fence” with little down payment money, you will need more money if you wait after the new year.