FHA mortgage first time home buyers

The Fall In FHA Loan Limits Will Affect Entry Level Parkland Homes In 2014

fha-mortgage-change-for-parkland-buyers The federal government announced last week that the loan limits will fall in 2014 which will have an impact on entry level homes in Parkland, Florida. FHA Loans, which are popular with first-time homebuyers, are government insured loans that allow for borrowers to purchase homes with low down payments of 3.5% of the purchase price and with lower credit scores.

The maximum loan amount backed by the Federal Housing Administration (FHA) will drop from $423, 750 to only . According to U.S. Department of Housing and Urban Development (HUD), approximately 650 counties nationwide will see the lower FHA mortgage limits. Originally, the higher limits were apart of the 2008 economic stimulus package which was devised to help the housing market during the Great Recession.

The Effect On Parkland Real Estate?

The impact on the overall Parkland real estate market will be significant mostly in the entry level home sectors in the price range of the $300, 000′s to $400, 000′s. Buyers will now have to pay more out of pocket in order to continue to purchase homes with FHA mortgages. This will make it more difficult for potential Parkland home buyers, as well as nationwide buyers, to get their loans. Many banks and lending institutions have responded to this announcement by offering 5% down payment loan programs. Unfortunately, many buyers will not be able to afford to purchase a home with this change as they will not be able to afford the larger out-of-pocket funds. Also, with the change, buyers will need higher credit scores to purchase through a conventional mortgage loan, as FHA loan programs allowed for lower credit scores.

For sellers, if you own a home in the $400, 000′s or less, you may want to consider to sell your home sooner than later, as this FHA mortgage change will affect the pool of buyers able to purchase your home. This change could also cause entry level Parkland home prices to decrease. If you are thinking about selling your home and am looking for a free comparative market analysis, please give me a call directly at: 954-609-0591.


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A.A. for Homebuyers. Zero Down FHA loans tied to

2004-01-26 14:30:51 by Your_pensions-funded-by-

Don't read this if you're invested in the mortgage market: you'll throw up:
Last week, the Bush administration proposed that the FHA allow zero-money-down financing for first-time homebuyers. Zero money down for a house. The new provision would give additional teeth to an already absurd mandate of the FHA: approving applicants who have demonstrated they pose too high a credit risk to get a loan through the conventional mortgage market.
- Lenders, of course, love the idea. "Any down payment," Angelo Mozilo, CEO of Countrywide Financial Corp. told the LA Times, "even 3% [the current requirement of the FHA] is a major, unnecessary obstacle for lower-income borrowers


Questions about FHA loans

2002-07-05 13:04:12 by markster

I've read about these loans at If you have a FHA loan or even considered one please reply.
Is it really true you only have to put down 3%?
Is the following true? Your total move in cost is the FHA premium (2.25% of the mortgage), closing cost (3% of the home value) and down payment (3% of home value).
Also, I've heard that instead of PMI you pay a monthly FHA premium, if so, how much is it?
I've heard that FHA rates are considerbly lower than conventional rates. How much lower are they?
Thanks in advance for your time.
Markster

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Just Approved: Recent FHA buyers refinance to remove mortgage insurance  — San Francisco Chronicle
Mortgage consultant: Ty Cabalsi. Loan type: 30-year and 15-year fixed-rate refinance mortgages.

FHA lowering loan limits in Chicago area  — Chicago Tribune
Combined, the moves taken by the FHA this year will force some homebuyers in 2014, particularly first-time homebuyers, to expand their search for mortgage financing or put their planned home purchases on hold.

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