Congress Restores Higher FHA Loan Limits

It is official – Congress has voted to bring back the higher FHA loan limits. The measure, once signed by the President, will push the FHA conforming loan limit in the highest priced real estate markets (like California and New York) to $729,750 through 2013. The current limits cap at $625,500 in these markets; they…

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Don’t Have a Big Downpayment? A Loan May Still Be Possible

These days it is more difficult than ever before to qualify for a loan. Lenders have such a tight grip on their money that they practically require you to sign over your firstborn to release it. Many buyers find themselves in tricky situations – first time buyers who might not have enough cash or credit…

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Weekly Real Estate News REcap 7/8/11

Obama Administration Extends Foreclosure Programs for the Unemployed. Those who are unemployed and have an FHA loan will soon be given up to a year of forbearance on their payments, giving them time to find a new job before losing their homes. This announcement arose from the fact that many Americans are unemployed for more…

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Low Credit and Want to Buy…You May be in Luck

Wells Fargo recently announced that those who desire to purchase a home but have credit scores as low as 500 will be able to qualify for FHA mortgages. This announcement came after a slew of articles about how the major banks are stifling home purchases by cranking up the minimum credit score requirement in order…

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How Affordable is the San Diego Housing Market?

In case you were wondering, or if you have been sitting on the sidelines waiting to purchase a home in San Diego county, here is some fantastic news: housing affordability in San Diego reached a record high last quarter. Combined with other factors, it is an ideal time for buyers right now in San Diego,…

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Does Lower FICO Score = Lender Loan Discrimination?

Could it be that lenders are discriminating against you if your FICO score is at the lower end of the required range for granting a loan? It could very well be. A series of federal lawsuits is about to be filed, claiming that lenders are purposefully denying loans to many applicants based on lower credit…

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Government May Help Pay for Your Home Improvements

The Department of Housing and Urban Development (HUD) recently announced that it has initiated a program that could help you pay for home energy improvements. This program will grant loans, called FHA PowerSaver Loans, to credit-worthy borrowers up to $25,000 to make energy efficient improvements of their choice. PowerSaver loans will be backed by the…

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Congress Approves Extension of Existing Loan Limits

Congress has approved HR 3081, extending existing loan limits through September 30, 2011 for Fannie Mae, Freddie Mac and FHA loans. This means that loans will continue to be guaranteed and insurance programs will remain in place which back loans up to $729,750 in markets where the cost of living is highest. This applies to…

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FHA Announces Changes

The FHA has announced it is to make changes that will provide easier access to home ownership for borrowers and strengthen its reserves, allowing it to better manage risks. The changes are expected to go into effect this spring and early summer. They include: 1. Increase the mortgage insurance premium (MIP). The goal is to…

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Qualifying for Loans May Get Harder

If you are in the market to purchase property and are counting on getting an FHA-insured loan, you may want to act quickly. First, a quick explanation: the FHA, or Federal Housing Administration, is not a lender, but instead insures loans that are written under its guidelines, thus protecting lenders against losses on those loans.…

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