Important Lending information!
Tuesday, August 26, 2008
The lending industry in constantly making changes to loan limits, rates, and funding options. Here are some important updates I think you should know about........
The current temporary loan limit for conventional conforming and FHA will expire December 31, 2008. Currently in Orange County that limit is $729,750. On January 1, 2009 the new limit will be $625,500. A big difference!!!!!!!
The minimum down payment on FHA loans will increase soon. Currently you can borrow with as little as 3% down ( and that money can all be gifted ). However, as of October 1, 2008 you will have to be able to put 3.5% down.
And there is the First time homeowners tax credit... which anyone qualifies for if they haven't owned a home in the last 3 years. Please call or email me if you want more information.
Loan rates are low and holding steady right now. I have a few lenders I work with and trust. I am happy to put you in touch with them! Thanks
The current temporary loan limit for conventional conforming and FHA will expire December 31, 2008. Currently in Orange County that limit is $729,750. On January 1, 2009 the new limit will be $625,500. A big difference!!!!!!!
The minimum down payment on FHA loans will increase soon. Currently you can borrow with as little as 3% down ( and that money can all be gifted ). However, as of October 1, 2008 you will have to be able to put 3.5% down.
And there is the First time homeowners tax credit... which anyone qualifies for if they haven't owned a home in the last 3 years. Please call or email me if you want more information.
Loan rates are low and holding steady right now. I have a few lenders I work with and trust. I am happy to put you in touch with them! Thanks
