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MORTGAGE MARKET UPDATE
Here are rule changes for 2009 you should know about!
- FHA borrower will need to have a minimum investment of 3.5% (up from 3.0%)!
Although there are no investor loan programs available, FHA offers Move-up Buyers or First Time Home Buyers a great loan and interest rate with only 3.5% down. FHA also has a construction product available that allows you to finance any rehab projects before you move in! This way you can buy a new primary residence for a deal and rehab it with FHA money in order to improve the property. Also, FHA will allow you to buy up to a 4-plex. There are plenty of deals in all price ranges right now!
- Changes in conforming loan limits!
Conforming loan limits (cheapest rate) stay the same for 2009 at $417,000. We will see a decrease in what is called Jumbo Conforming Rates. Visit our Blog to find out what the 2009 loan limits are for our area. This year's limit has been reduced due to area property values continuing to decline. Keep in mind, you will pay a higher interest rate for a Jumbo Conforming Product.
- Builders can no longer force you into using their "in-house" lenders with enticement of paid closing costs!
Now you can use their incentives and your lender you trust. Builders want your loan business because they often mark up your loan in order to recoup their costs. Now you can work with someone you can trust!
- FHA Anti-flipping rule still in effect for 2009!
If an Investor buys and flips a property to a FHA Borrower, the Investor will need to be on title for 90 days before appraisals can be ordered. The contract date also needs to be dated 1 day after seasoning period.
If you have any other questions, please do not hesitate to call!
Investment - Commercial - Residential - First Time Home Buyer - FHA - VA
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