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Debra Allen
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Debra.Allen@pruaz.com      |      Phone: 480-797-4080      |      Fax: 480-467-4950

 Please see the new FHA limit of $271,050 effective January 1st 2009.

Beginning January 1, 2009, FHA will insure single-family home mortgages up to $271,050 in low cost areas and up to a maximum of $625,500 in high cost areas. The February 2008 Stimulus Package temporarily raised the FHA maximum to $729,750 through December 31, 2008. The new $625,500 maximum, however, represents a significant increase over the $362,790 limit that was in effect prior to the Stimulus Package.

"In today's environment where access to credit is being restricted, we need to make mortgage loans readily available to households throughout the country, and especially in high-cost areas," said Preston. "These new loan limits will ensure FHA can to continue help struggling homeowners refinance into safe, affordable government-insured loans, and allow many first-time buyers take advantage of today's buyers market"

For several years, FHA's loan levels were below the cost of the average home in communities across the nation. As a result, families who needed FHA mortgage insurance to qualify to buy a home were effectively locked out of the process. In some cases, borrowers turned to exotic subprime loans.

FHA mortgage insurance makes home financing more available to low-income and first time homebuyers. This is because the mortgage is backed by the full faith and credit of the government, freeing lenders from assuming the risk of default.

Higher FHA loan limits do not cost the government any money because the FHA Insurance Fund is fully supported by premiums paid by borrowers who receive FHA-insured mortgage loans.

The Housing and Economic Recovery Act pegs the national conforming mortgage loan limit to a house price index chosen by the new Federal Housing Finance Agency (FHFA). For 2009, the national conforming limit will remain at the current level of $417,000.

The Act says that the new FHA loan limits will be set at 115% of the median house price in a given area, as determined by HUD, but can not be lower than 65% of the conforming loan limit (the national floor). Also, the FHA mortgage limit cannot exceed 150% of the national conforming loan limit (the national ceiling).

Use the Mortgage Calculator :

You can use our quick mortgage calculator to determine how much you can afford, and then contact us to get pre-qualified and check on current rates.

Call me today, and let's get started!

I have access to several lenders with first-time buyer programs available, and, of course, the market is ripe for your first purchase. Interest rates continue to be low, and it is an attractive time to buy.

If you know of anyone who is thinking of making a move, here or elsewhere, please let me know. I would welcome the opportunity to assist in any way I can, from listing their home for sale to finding them a real estate professional in another part of the country.   

My preferred Lender:

Wells Fargo Home Loans,

Debbie Hernandez Mortgage Banker

E-mail: Debbie.Hernandez@wellsfargo.com                 

480-545-9942 Direct          

                                           

 Wells Fargo has been a diversified financial service company for over 150 years- providing banking, insurance, investments, mortgage and consumer finance- for more than 23 million customers through 6,200 stores, the Internet and other distribution channels across North America and elsewhere internationally.

For credit repair contact: Veracity is a credit repair company.www.VeracityCredit.com
Toll free: 866-383-1801

 

The Loan Process

I will help you to select a mortgage lender. Once you have made your decision, these are the steps of the process:

Application - All pertinent documentation is obtained. Fees and down payments are discussed, and the borrower will receive a Good Faith Estimate (GFE) and a Truth-in-lending statement (TIL), itemizing the rates and associated costs for the loan.

You will be asked to provide certain documents to your lender in order that your loan can be processed in a timely manner.

Loan Submission - Once all the necessary documentation is in, your completed file is submitted to a lender for approval.

Loan Approval (Underwriting) - Loan approval, or underwriting, generally takes 24 to 72 hours. All parties are notified of the approval and any loan conditions that must be received before the loan can close.

Closing - Once all parties have signed the loan documents, they are returned to the lender. If all the forms have been properly executed, the lender sends the loan funds by wire transfer. At this point, the borrower finishes the loan process and actually buys the house.

 

 

 

 

 

 




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