Don't forget-because it's just around the corner, that FHA down payment changes go into effect on January 1st.  The changes will be.....

• Down payment minimum of 3.5%.  Currently it is 3% total but in most areas it is 2.25% down with .75% being able to come from closing costs.  Not anymore.....now it is 3.5% plus whatever closing costs are involved unless seller pays them subject to 6% seller contribution maximum).
• The loan amount included the upfront Mortgage Insurance (UFMIP) can not exceed 100% of purchase price or appraisal-whichever is less. 

Acceptable gift funds may still be used (relative, employer, etc.....just not the non-profits) and cash out refinances are still at 95% Loan to Value

• FHA Maximum Loan amounts are DECREASING for the Twin Cities 11 county metro area
  • Currently: $365,000
  • Revised $318,550

Outside of the Twin Cities metro area the maximum loan amount will remain unchanged @ $271,500

 Don't get to the closing table only to find out things are no loner approved.....Double check with your lender to make sure your approval and/r pre-approval letter is still valid!

BTW, rates have dropped so please keep me in mind!