Starting January 1st, FHA is now requiring 3.5% downpayment, up from 3% previously. Here locally in the Hampton Roads area, and covering the cities of Virginia Beach, Chesapeake, Norfolk, Portsmouth and the peninsula's Hampton and Newport News, FHA lending limits have just increased to 458k, up from 419K previously.
One other new item to cover is purchasing a new property and renting out your old residence can no longer be done with just providing a lease to the mortgage company. FHA is requiring that you be able to qualify for both mortgages in order to purchase another.
To get more info on this subject or other mortgage topics, please feel free to visit www.JoshSellsVirginia.com
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