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Good News on FHA Loans
Yesterday it was reported by Inman News that two big FHA Lenders Wells Fargo and Quicken Loans will back off their overlay program with reference to FICO scores on FHA Loans.  Wells Fargo is the largest originator of FHA Loans and Quicken at #3.  This will allow borrowers seeking more affordable loan programs with low down payments and less than stellar credit to continue to seek opportunities in the housing market.  The mortgage industry has gone through a major overhaul in the last few years yet the need for affordable housing and lower down payments remains especially for those first time buyers that are trying to take advantage of low interest rates and declining home prices.  The 2010 Profile of Home Buyers and Sellers in Florida showed that 44% of homebuyers in Florida were first time buyers. 
FHA might be an option for you. In Sarasota County FHA mortgage limits are $442,500 for a single family home. Your down payment can be as low as 3.5% of the purchase price, and most of your closing costs and fees can be included in the loan.  For those looking at homes that are in need of repairs FHA has a 203k Program that allows you to fix the property and roll the costs into your ... more

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