And NOW for Some Good News...

If you are planning on buying a home in Central Florida, the good news is that FHA has increased its loan limits and we have the actual numbers as of last Thursday.

So, basically, if you are planning to buy a home in Orange or Seminole counties, you can get a buyer-protecting FHA loan for up to $353,750.  Woo hoo! 

What this means to BUYERS:

Buy a home with near-100% financing (almost 3% down)

FHA allows the Seller to pay up to 6% towards buyers closing costs and pre-paid items

You get a lot of protection with FHA b/c the house basically needs to have its working parts working, the house must appraise at or above the purchase price (that's our checks-and-balances working for YOU), and the FHA addendum requires the Seller to make some repairs over and above what's on the contract repair limits for YOUR PROTECTION (I LOVE FHA loans!) 

WELCOME BACK, FHA LOANS! (Not that they ever went away, we just had other loans that mimicked them that seemed as good.)

There's more that I'll write about later...

 

 

 

 
Posted by Lisa Spalding on 03/08/2008 09:34 AM   Comments (3)   , , ,  

3 Comments on And NOW for Some Good News...

Looking forward to seeing how these changes are going to impact the market....still awaiting fees for these loans, hopefully this next week.

03/08/2008 09:46 AM by Maple Valley WA Broker/Owner Colleen Fischesser 425-432-5400 (RE/MAX Select Real Estate)

I agree...       WOOOOO  HOOOOO!!!!    

I work in the Philadelphia area in PA....     As both a realtor and a mortgage pro...      Been a mortgage pro for 10 years now. 

Our new FHA limit is $420K, and it brings all sorts of new buyers to the game of real estate.      A lot of decent subprime buyers can qualify for an FHA mortgage.

It also will allow more people to refinance and put their financial household in order for the long haul.

 

Do you work with first time buyers??      Let me know because I have a great first time buying guide that you might want to look at!!

GREAT POST!!!         The new loan limits definitely will put some more wind in every realtors sails!!!

03/08/2008 09:49 AM by Chris Catanese (Ultimate First Time Buying Guides)

Colleen-  Yes, not sure exactly what it'll cost the Buyers and not sure when/if the 1.5% down FHA rather than 3% will happen BUT our FHA loan limits went from roughly $268K to just over $350K, which will help out a LOT of Buyers.

Chris-  Yes, I work with first-time Buyers and will definitely be interested in taking a look at your First-Time Buyer guide.  Thanks so much!

03/08/2008 12:27 PM by Lisa Spalding (Watson Realty Corp.)

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Real Estate Agent: Lisa Spalding (Watson Realty Corp.)
Lisa Spalding
Orlando, FL
More about me…
Watson Realty Corp.

Office Phone: (407) 673-4200
Cell Phone: (407) 267-0304
Email Me
Orlando, Winter Park, Maitland, Longwood, Central Florida Areas-SELLERS/BUYERS; Sell A Home; Do You Qualify for Down Payment Assistance? BUYERS Pay NO Commission;Use a REALTOR! www.WinterParkHomeFinder.com

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