What home buyers should know about FHA l
Wednesday, March 18, 2009
FHA LOAN LIMITS - What home buyers should know
Recent federal housing legislation has given home buyers an advantage in purchasing a house by raising the Federal Housing Administration (FHA) loan limits.
What are "Loan Limints"? Loan limits are the ceiling (or the most) amount for FHA insured loans which are generally viewed by lenders and Realtors as a lower cost funding option, especially for first time home buyers.
- Loan limits have increased to $625,000 which is twice more thatn the former limit.
- FHA loans require as little as 3% down payment.
- Credit scores, while important, are not as stringent for FHA loans.
- FHA loans can be Fixed Rate or Adjustable Rate.
If you need more information e-mail me at isabel.alves@remax.net and I will put you in contact with a reputable mortgage officer who will be able to answer any of your questions in detail.
