FHA Mortgage Loans for 2009
Yes credit is tight and potential home buyers might think they need a significant of cash or a superlative credit score to wade into the devastated housing market. FHA eliminates some of the lender risks to provide mortgages because it will pay a claim to the lender in the event that a homeowner defaults on their loan.
Until 2008, FHA loan programs were capped so low that the program was out of step with the real price of a house. But in February 2008, the FHA loan limits in the high cost housing markets rose from $362,750 to $729,750. But in 2009 the FHA mortgage limits are being down-sized again. FHA announced the new ceiling in the high cost markets will be $625,500. FHA loans in 2009 will cap out at 115% of the median home price in a county or metropolitan area. Still, huge swaths of the housing market will remain, as never before, eligible for an FHA home mortgage.
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o FHA home loans can only be originated from a FHA-approved mortgage lender.
o Down payment requirements are minimal. Buyers need only 3.5% of the house’s price tag.
o The down-payment can be a gift from a family member, employer, local charity, or local government program.
o FHA loan programs enable all ranges of credit scores with compensating factors.
o You must have a 2-year employment record. The new FHA loan payment must be less than 31% of your income, and debt to income ratio is usually less than 43% of your income. Read the complete article at >
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