I just attended a class with my preferred lender about the new FHA Limits and Guidlines for the County of Los Angeles. Per the class what I found was that the new basic guidline Key Popints are as follows:
- 3% down Payment - Gift funds are ok without seasoning
- No Income Restrictions
- Rates are currently below conforming
- No required roof inspections such as Termite, Roof, Septic etc.
- Normal appraisal requirements
- Normal Timeline are in place for direct FHA approved lender. Longer time limits may apply for brokers
- Non-occupying co-borrowers are allowed
- Seller Disclosures are quick and easy
- Owner Occupied and Full Doc only
- Seller not required to pay upfront MIP
- Temorary Loan Limits for Los Angeles County are set at:
- 1 - Unit: $729,750
- 2 - Units: $934,200
- 3 - Units: $1,129,250
- 4 - Units: $1,403,400
As it stands these limits are in place until the end of 2008. They are forcasting that in the next few months FHA will account for over 70% of all loans out there.
Please feel free to comment on any holes that may have been missed in this post as there was a lot of material to cover.
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