Santa Rosa Home Loans-The New FHA-Ascent Home Loans

As many of us have heard, the new stimulus package passed by both the Congress and Senate, and signed by the President will raise the loan limits for FHA loans until the end of the year December 2008. These new loan limits will be increased from the former California FHA loan limits of $362,000 to the new maximum loan limit of $729,000. However, borrowers must be made aware that as it stands right now, not all counties will receive the maximum. Median home prices are being reviewed by HUD and will be released, along with the designated increase in loan limits for that county or city. Using the current plan, the loan limits for Sonoma County which currently stand at $362,000, will be raised somewhere in the area of $656,000. 

What does this change in FHA mean to the borrower? It means that now many borrowers who do not have a credit score of 680 and above will have the opportunity to either refinance out of their high interest rate adjustable rate mortgages, or be able to purchase that new home they have dreamed of.

Remember these key FHA Highlights: 

Lower Down Payment: Currently FHA requires only a 3% down payment which can come from several sources. 

Competitive Interest Rates: FHA loans have always been competitive with conforming loan pricing. Call today for a quote, you may surprised at what the current rate is.

Qualifying for an FHA Loan: It is much easier to qualify for an FHA loan than most people think. Because the federal government is backing the FHA loan, those with less than perfect credit or have extenuating circumstances may still get approved. Do not assume your situation will cause you to be turned down for approval. Call today to see if you can qualify.

One thing to remember when applying for an FHA loan. Because of the high median prices in homes in California over the past several years, the majority of loan officers have never completed an FHA loan. Make sure you choose an FHA experienced mortgage professional to handle your refinance or purchase. Call our Branch Manager Scott Dovala at 707-494-8532 or 877-392-0674 and see if you qualify for an FHA loan today.

**Update

HUD will be reporting the new loan limits within the first two weeks of March. FHA has stated they too will be ready to start accepting applications within the first two weeks of March. If you would like to get the application process started and get pre-approved without locking in a rate, then please call us at 707-494-8532 or 877-392-0674. Our experienced staff will help you get started on your way to a lower interest rate and the keys to your new dream home.

Also Available on Saturdays 12:00 pm to 5:00 pm.

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