NEW FHA REQUIRED DOWN PAYMENT STARTING JAN. 1, 2009

I just received this information about changing FHA requirements from Mark Elkins today.

Hello, I have received a few questions recently regarding the new required FHA down payment. Here is some clarification:

Beginning on January 1, 2009 the new required minimum down payment will increase from 3% to 3.5%. There is also another difference. Currently, we only need 3% in the whole transaction, which allows for part of that 3% to be used for closing costs. In the new requirement, the 3.5% will be for down payment only.

There will still be a maximum of 6% of seller concessions to the transaction towards closing costs.

Here is a link for you to view the FHA loan limits by county:

https://entp.hud.gov/idapp/html/hicostlook.cfm

If you have a borrower considering an FHA loan, there is still time to get the transaction closed by months end before the changes go in to affect. With our local underwriting and processing, we can move quickly.

We can also refinance FHA up to 95% LTV. Credit scores down to 620 with no credit score adds. With the new rates, it may be time to take advantage of this.

Call today for pricing or to enquire about one of our many financing programs.

Happy Holidays!!


Mark

850.420.4833

Florida Home Foreclosures Halted

600 Florida banks and credit unions have voluntarily agreed to halt foreclosures. This action affects statewide primary residences for the next 45 days. This agreement was negotiated by Governor Charlie Crist.

This creates an opportunity for many home owners to sell their homes over the next 45 days in the Destin area.
Hopefully these banks and credit unions will accelerate short sales to take advantage of this respite.