Mortgage Discussion for the Panhandle area

Well after the economic stimulus package was signed on Feb. 13th, we finally have some news about new loan limits. Though this information is not final and has not been released in full, here is what we have.

Good news for all FHA loans as it seems the new maximum loan for all FHA properties will be raised to $271,050 from the current $200,150. This is a huge improvement and will open up a good many homes for FHA lending. This should be very good news to everyone and help move some houses. The FHA letter is to be released the first week of March. We know this is happening so I feel comfortable taking your loan applications today.

In other news, the limits for all Fannie Mae and Freddie Mac will not change. This was nothing but rumor to start with and, as you remember I put out a blog stating this limit will not be affected in our area. The limit will remain at $417,000. Considering the market is really an FHA market now anyway, I do not believe this will have any bearing on our market at all. We will just shift some loans to FHA in the middle $200K range.

The end result will be more homes sold and financed with little or no money down through the FHA product. Call me with any questions or just have your customers call for their FHA approval today.