Mortgage Updates

By
Mortgage and Lending with Milestone Mortgage Solutions, Inc.
It seems the business changes daily. Here is some of the latest news. 2009 FHA loan Limits have been announced FHA loans generated in 2009 will have a maximum loan amount of $365,700. The rumor was they we going to go back to the $275,000, and they didn’t, which is very good. Remember, this is the maximum loan amount, not sales price. Also in 2009 the minimum down payment for FHA will rise from 3% to 3 ½%. 100% financing back??? I have a lender that has just announced they now offer financing up to 100% in the form of 2 loans. The 1st will be 92% of the sales price, the 2nd 8% of the sales price. There are many guidelines the borrower must meet, but it’s good to see there are more options opening up. If you would like more information on this program please let me know. This program is available for purchases only, no refinances.

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