Pursuant to economic stimulus package signed into law last week HUD has posted their higher loan limits with a mortgagee letter (#09-07) out this morning. We have been looking for confirmation of this and now we have it!
In Central Florida the single family loan limit rises from $274,850 to $353,750. For loan limits in your area check this link.
Gerry Suarez, Jr.
Your FHA Loan Pro!
Gerry,
Thanks for keeping us updated on all the changes to FHA.
On another note: I've been told by another lender that it's nearly impossible to get a VA or FHA loan done in less than 30 days.
Any comments?
Ray Levy
Lake County Home Pros
Ray-Yea I have a comment, but I'd need to censor it here :-)! Underwriting turn times have slowed at many lenders but "nearly impossible" is NOT the term I'd use. When a lender drags their feet on processing then it's easy to get in trouble. Also if a lender lacks the flexibility and is beholden to one underwriting source that can severely impact there turn times, especially in light of the recent refi activity.
That's why I always recommend keeping your purchase deals with a lender who mainly does purchases. I have sources that prioritize purchases over refis, and that's why I work with them. We can continue to close govie deals inside of 30 days and I see no issue with that.
Thanks for the comment buddy!
Gerry Suarez, Jr.
Your FHA Loan Pro!
Great link, thanks for providing helpful information. Good luck getting deals at the higher loan amount =)
Kristina- Thankfully I had one in the wings. My primary builder has standing inventory that fit that bill, and we have a couple relocating from Boston that need it. Low cash down but awesome monthly wages. Perfect for FHA! Thanks for commenting!
Gerry Suarez, Jr.
Your FHA Loan Pro!
Great to hear! My husband is from Boston. We go up to visit some and I am always happy to come back to the beaches here in FL.
Thanks for the kind comment Chris, and good luck with your refi. If you were needing higher limits it must be a refi with appraisal so good luck!
Gerry Suarez, Jr.
Your FHA Loan Pro!
Dom- I saw the memos on that about 1 week before the FHA increases. Conventional is already back up.
Gerry Suarez, Jr.
Your FHA Loan Pro!
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