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cary fha mortgages: Calculating FHA Downpayment - 09/24/08 02:26 PM
I've been in this business for a while... my daughter would tell you I'm old as dirt... and for as long as I've been in this, we've had a complicated way of calculating FHA Downpayment.
FHA always used acquisition cost.  How much were you putting into the total aquisition of the property... closing costs and downpayment combined.
With the new rule changes of January 1... we use a STRAIGHT UP number.  The base loan will be a 96.5% of the sales price or appraised value - whichever is LESS.  If you are working with a loan officer is is unfamiliar with FHA … (6 comments)

cary fha mortgages: FHA Increases Loan Limit in the Triangle - 03/06/08 05:21 PM
FHA increased it's minimum loan amount for Wake County to $295000 according to the HUD webiste!  But the BIG surprise for me was the DURHAM increase to $331,250!
The other counties in this area break down per the HUD website like this:
Wake   $295000
Durham  $331,250
Franklin  $295000
Orange  $331250
Harnett  $271050
Johnston  $295000
For more information check this out:  FHA loans in Cary, NC
… (4 comments)

 
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Eleanor Thorne 919-649-5057 Cary Mortgage Loans

Cary, NC

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Steve Thorne NC Mortgage Experts

Address: 111 Corning Road, Suite 230, Cary, NC, 27518

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