Announcement: Upcoming FHA Financing Restrictions
Federal Housing Administration (FHA)-insured loans are a great way for people to get started in the housing market. It provides an alternative to conventional loans because it allows for little down (3.5%) and the minimum credit score requirements are more flexible....Financing Contingency Periods in this Market
With the new Home Valuation Code of Conduct (HVCC) law, I have no control over whom to order your appraisal from. Without this control comes the lack of a relationship with the appraiser to ask them to appraise your home in a timely manner. Your Realtor should know...Significant Change to Max Qualifying Ratios Allowed
Beginning December 11th, it will officially be harder to qualify for a home loan. In the past and up until 12/11/09, lenders allow(ed) your qualifying ratio to go up to 55%, at least with compensating factors of good credit and 20% equity or down payment in a home....Good News! The $8000 Tax Credit has been Extended as well as Expanded!
The $8000 federal tax credit has been extended and expanded! The credit, which was supposed to expire 12/1/09, has now been extended to 4/30/10. In addition, there will be a 60-day extension if you go into binding and official contract prior to April 30th. In addition...Temporary High Balance Loan Limits are Extended for 1 More Year
Congress voted and approved a one-year extension on the temporary FHA, Fannie Mae and Freddie Mac loan limits. The loan limits vary by county, but are established by taking 125% of the county’s median home price and determining that as the upper limit, with $729,750...Loan Calculator
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