FHA loan limits increase
Okay, since blogging is the happening thing these days I'll try to keep up with the times. I decided to start a blog about mortgages because every day it seems like there are changes. Instead of emailing which I never get around to doing, I thought if I just send the Realtors that I deal with the link to my blog, that this would be a helpful tool for them to keep up with what's happening in the industry. I have been in the real estate or mortgage industry since 1978 and this is the first time that I have ever seen so many changes so often. It really is mind boggling. A few weeks ago we got a memo saying that all 100% conventional loans had to have a 680 credit score. That was bad enough news but then last week we got the dreaded memo that PMI companies were no longer going to be doing 100% conventional loans,end of story. Two days later we get memo that says PMI companies are no longer going to be doing Stated Income,Stated Assets so that means that those customers will have to put 20% down payment. BUMMER!!! The good news is that FHA increased their loan limits and that will help more people into housing. The loan limits for this Baton Rouge and surrounding areas are $280,000. If you are trying to get someone in with little money unless they are a veteran or can go RD, FHA is your best solution. While alot of companies can only go down to 580 on FHA even if they have DU approval,at the moment I can still go down to 550 if I get DU approval and I have prettty lenient underwriters if DU won't take it, especially if the accounts are old that is causing the low score. You can go to my website at flagstarloans.com/mboutwell to make application or call me at 225-939-3409 The market is tough and will probablly get tougher before its said and done but hang in there. Don't get discouraged just concentrate on what you can do and not what you can't.
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