Thursday, March 06, 2008

Mr Real Estate Update "FHA Loan limits increased. March 2008

FHA LOAN LIMITS INCREASED TO $428,750 for the Hampton Roads, Tidewater, Williamsburg, James City County area.

What does this mean for you ?

FHA allows a minimum investment of 3%.

FHA has more lenient underwriting guidelines.

FHA has lower monthly mortgage insurance.

FHA allows higher debt ratios.

FHA allows gifts for the 3% down payment.

FHA allows the 3% down payment to be secured borrowed funds.

FHA uses the standard conventional appraisal.

FHA allows the MIP to be added to the maximum loan amount.
For additional Info contact John Womeldorf/REALTOR
Liz Moore & Associates
757 254 8136 email

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