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FHA Loans update: Starting January '09
Mortgage 101
Currently the 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.
If you need to check loan limits for other counties, this is the link: https://entp.hud.gov/idapp/html/hicostlook.cfm Be sure to click on "2009." Or call me at: 267.243.3819 and I can get you the necessary information.
Also, keep in mind 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. Effective 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. Let your buyers that are "on the fence", with little down payment money, know this information as they will need more money if they wait until after the new year to go under agreement.
Date: Thursday, December, 4th 2008 @ 12:18:20 PM
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