New FHA loan limits

FHA announced a new loan limit and it is nearly $100,000 higher than before. What does this mean to you? If you were contemplating buying your next home or refinancing your present one, now may be the time. Cash-out refinancing is available up to 95% of your current value.

NEW FHA LIMITS

·Lake $353,750
·Orange $353,750
·Osceola $353,750
·Seminole $353,750
·Volusia $303,750
·Flagler $287,500


For a list of all counties in Florida, please click here.

FHA is the most lenient program in today's mortgage market, it also has the lowest mortgage insurance requirement and allows for the most financing at 97%. Rates are great as well, now is the time to make your move, literally.

There are lots of good reasons to choose an FHA loan, especially if one or more of the following apply to you:

You're a first-time homebuyer
You don't have a lot of money to put down on a house
You want to keep your monthly payments as low as possible
You're worried about your monthly payments going up
You're worried about qualifying for a loan
You don't have perfect credit
You're worried about what will happen if you fall behind on your payments

If any of these scenarios describe you, then an FHA loan may be right for you. Why? FHA-insured loans offer many benefits and protections that you won't find in other loans including:

Lower cost: FHA loans have competitive interest rates because the Federal government insures the loans for lenders. Always compare an FHA loan with other loan types.

Smaller down payment: FHA loans have a low 3% down payment and the money can come from a family member, employer or charitable organization as a gift. Other loan programs don't allow this.

Easier qualification: Because FHA insures your mortgage, lenders may be more willing to give you loan terms that make it easier for you to qualify.

Less than perfect credit: You don't have to have perfect credit to get an FHA mortgage. In fact, even if you have had credit problems, such as a bankruptcy, it's easier for you to qualify for an FHA loan than a conventional loan.

More protection to keep your home: The FHA has been around since 1934 and will continue to be here to protect you. Should you encounter hard times after buying your home, the FHA has many options to help you keep you in your home and avoid foreclosure.

Call me today and let's talk about your options with these new loan limits.

Respectfully,
Joe Bartolotta
Mortgage Consultant
Residential & Commercial
web www.joebartolotta.com
blog www.theupfrontmortgagebroker.com
Direct 407.340.0220