FHA Equivalent to Conventional

FHA has decided to lower their loan limits. This is critical for those of us that are looking to buy a home with a lower down payment at a higher sales price. The new loan limit of Clark county, Nevada is $287,500. So, what? Well one of my clients wanted to utilize this great opportunity and purchase a home at $350,000, he told me today his dreams have been destroyed because now he can not buy in the neighborhood he desires. He tells me he only has two option: to save more money for the down payment to go Conventional financing or to lower his purchase price and look in a different neighborhood. I state no that is not true... everyone in the purchasing pool above the $287,500 needs to know this great secret. Conventional loan products NOW offered can be equivalently to the FHA loan product. I made this clients day and now he is back looking.


Weeks before the FTHB tax credit expires, FHA is making some changes.On April 5th , FHA will increase the up-front mortgage insurance by 0.50%. All though the up-front mortgage insurance is financed into the loan- it can add an extra $965 to your loan amount. The Spring also warrants a change in seller concessions. The amount now a seller is allowed to contribute to buyers closing cost is 6% and that will change to 3%- creating more money out of pocket for buyer. If a buyer buys a house at $100,000 they will get $3000 instead of the $6000- so buyers will have to come up with the extra cost.Buyers the only way to avoid the changes is to buy now and have a mortgage application submitted by the last week in March.
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FHA-Refinance Now!

Why should you refinance now- well if you have an FHA loan you can refinance with next to nothing- all you need is a few signatures and you will get a lower rate and a lower payment- with no hassle to you. Do you need extra money to fix up your home- it is now available with your FHA refinance- MANY QUALIFY....
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