Please see the update below. There are some great programs for loan right now. I’d like to point out the Conventional – NOT FHA- Homestyle Loans. These loans are REHAB loans for Primary residences, Second Homes AND Investment properties! Call me for more information at 760-837-1488!! Talk soon! Homestyle Loan,
· FHA’s minimum down payment is being increased from 3% to 3.5% as of Jan 1, 2009. The only way to honor the 3% down payment option for your client, is to get their loan approved before the end of the year. So, if you don’t already have an approved offer and a loan submitted, then you should be notifying your clients about the change.
· FHA’s new Loan Limit for Riverside County is $355,350, not $500,000. This is also in effect on January 1, 2009, and under the same scenario as above.
· Conventional Loan limits have also been reduced back to $417,000, not $500,000 anymore. Any loan amount above 417K, is going to be considered a jumbo mortgage.
· Reverse Mortgages are going to be a great mortgage tool moving forward to help seniors over the age of 62 purchase a new home, with no income or credit qualification required. Yes, you heard that here first.
· Rates are great today, why not help you and your past clients out by sending them to us to do a cash out refinance on their primary residence at 5%, so they can get the down payment needed to buy a investment property from you today.
· USDA & VA Loan’s – both offer your clients 100% financing as long as they qualify for the program.
· 203(k) FHA remodel home loan – This program will allow your clients to include in the loan the cost of improvements the home will need to make it complete. This program requires only 3.5% down, and works on owner occupied properties only. Max loan $355,350.
· Fannie/Freddie’s Homestyle Loans – this program works very similar to the above program, which allows you to include the cost of the home improvements in the loan, except that it works for all occupancy types. Primary, Second Homes, and Inv. Properties. Loan amount goes to $417,000, and down payments vary based on occupancy.