Mortgage Discussion for the Panhandle area

This is huge. The new loan limits came out today officially today and the new maxium loan for our area is now $271,050.00 up from yesterday's limit of $200,150.00. This will open up a new market for homes in the mid $200K range. Also did you know the rates for FHA are lower than those for Fannie at this time? Also the mortgage insurance for FHA is lower as well. There is no reason homes should not be flying off the market.

Other news for the week is HUGE also. You may be aware the "Down Payment Assistance Programs" (Nehemiah, AmeriDream and others) were in a court battle with HUD (Dept. of Housing and Urban Development) to stop them from helping home buyers. That battle is over and the Down Payment Assistance is here to stay. HUD lost the battle and we have these great programs to help potential home buyers who have no money for down payment.

This week gives us GREAT news on two fronts. Sell a home today FHA and use down payment assistance to give your customers the money down. Call me if you want more information.

HIP HIP HOORAY!