Breaking news, the FHA loan limits have been raised. (click title bar for article) Ready to buy a home? I think you will be surprised at how much you can borrow. I don't want to date myself but the limit for FHA loans was in the Eighty thousand range when I started real estate in 1992. So what's the big deal? For one, FHA-insured loans also benefit homebuyers in these ways:
FHA down payments of 3 percent are lower than the minimum that many lenders require for non-FHA mortgages. Higher down payments are a major roadblock to homeownership.
FHA's requirement for homebuyers credit ratings are more flexible than those set by many lenders for non-FHA borrowers.
FHA permits homebuyers to use gifts from family members and nonprofit groups to make their entire down payment, while conventional loans generally require homebuyers to come up with a portion of the down payment from their own funds.
FHA permits a borrower to carry more debt than a private mortgage insurer typically allows. Do you meet the criteria to apply for an FHA loan?
Give me a call at 918-260-9932 or send me an
E-mail: kensellshomes@aol.com and let's discuss the pros and cons of an FHA loan.
Mortgage maximums as of Friday March 07, 2008
One-Family $271,050; Two-Family $347,000; Three-Family $419,400; Four-Family $521,250
New Coldwell Banker Movie, Enjoy!
Selection criteria Sorted by: County
State: OK
County: TULSA
County Code: 143
KensellsHomes
E-mail: kensellshomes@aol.com
Benefits taken from a Tulsa World Article By Richard Mize
Real Estate Editor
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