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FHA Loan Limist Increased

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TRESinc

Elite Member
Joined
Dec 1, 2011
Professional Status
Licensed Appraiser
State
Ohio
http://www.msn.com/en-us/money/real...may-help-you-buy-a-home/ar-BBxBBq9?li=BBnbfcN

The Federal Housing Administration is insuring loans for people looking to purchase a home or refinance a home with a little equity. The program insures loans up to the maximum loan limit in the county in which the property is located. Using Sonoma Sounty, California, as an example, the maximum loan limit for 2016 was $554,600. This number is rising to $595,600 for 2017. This represents a significant change for people looking to purchase a home who have good income, sufficient credit, and a healthy debt-to-income ratio who are otherwise tight on cash to close. This applies to a home buyer by allowing them to purchase up to $615,000 in the county of Sonoma with just 3.5% down.

Some of the things included are:
  • Debt-to-income ratios as high as 55%
  • Credit scores as low 580 for loans up to $424,100 and 640 score for loans exceeding $424,100
  • Waiting time on previous short sale: three years
  • Waiting time on previous foreclosure: three years
  • Waiting time on previous Chapter 7 Bankruptcy: two years
  • Will allow a borrower to refinance a second mortgage up to 96.5 loan-to-value
 
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