Why do so many buyers feel that there is not money to lend? Search around.
There are loan officers wanting to work and lenders wanting to lend. You just have
know which loan product is best for you. You also have to know which loan product
will work the best for your price point of
home you are purchasing. FHA loans are great, and here is why.
New Loan Limits
Beginning January 1, 2009, FHA will insure single-family home mortgages up to
$271,050 in low
cost areas and up to a maximum of
$625,500 in high cost areas. The February 2008
Stimulus Package
temporarily raised the FHA maximum to $729,750 through December 31,
2008. The
new $625,500 limit is a significant increase over the
$362,790 limit that was in
effect prior to the Stimulus Package.
Positives That Help Borrowers Include
-
No minimum credit
score.
-
Non-traditional
credit is acceptable.
-
Low 3%
downpayment.
-
Non-occupant,
co-borrower is permitted.
-
Expanded
qualifying ratios.
-
No prepayment
penalties.
-
Fully assumable.
-
Default
assistance.
-
Lower premiums.
- Interest rates are negotiated between borrower and lender.
- Works with various city and state programs.
You should only work with loan officers who are trained and skilled at the originating
and closing on FHA loans. You will save yourself many headaches by working with
an officer who knows what they are doing.
For lenders in your area, search the FHA Lender Link
http://www.charlotterealestateforeclosures.com/0046B8
