Your FHA Loan Update Checklist!
Posted by Tyson Lund on
WHAT YOU NEED TO KNOW ABOUT UPCOMING CHANGES TO FHA LOANS
As you may know, unless Congress extends the expiration deadline,
Federal Housing Administration (FHA) loan limits set in 2008 will drop
significantly beginning October 1. Congress raised the loan limit amount
in response to the housing crisis to help spur the homebuying market.
FHA loans offer borrowers very competitive rates and terms, and they
only require a 3.5% down payment. Allowable debt ratios are higher than
the typical debt-ratio limits imposed for conventional loans, and there
are no income limit qualifications, so more people can qualify for them.
If the loan limit drops on October 1, many California homebuyers will
face higher down payments, higher mortgage rates and…
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