January 1st Mortgage Changes

On January 1, 2009 the conforming loan limit for our area in Hampton Roads will increase from $417,000 to $458,850. The FHA loan limit will be $458,850 as well, up from the mid 300,000 dollar limit this year. This means more money is available at non-Jumbo rates or qualifying requirements! Also, the FHA downpayment requirement is supposed to increase from 3% to 3.5% January 1st. If you have any specific questions call me or email and I will help in any way I can!