As has been posted on this blog before, 1 in 4 buyers are using FHA loans for financing. Let us recap the important changes in the latter part of 2008 along with the big news heading into 2009 regarding loan limits for FHA buyers.
Please remember, the down payment effective January 1, 2009 is 3.5%, up from 3%. FHA still allows gifts for the down payment and non-occupying co-borrowers for those that need additional help with loan approval.
With regards to seller concessions, 6% is the maximum allowed for FHA.
One important update: the 2009 FHA loan limits are out and can be found below:
https://entp.hud.gov/idapp/html/hicostlook.cfm
Once you click on the link above, you click on Florida then put your county in. Then go down to the Limit Year and click on CY2009…hit send and there you have it.
As you know, especially in this market, get your buyers approved by a bank/mortgage broker before looking at homes..please make sure they are speaking to someone educated in the new loan limits or FHA in general.
Monday, December 29, 2008
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