Jenelle Ferrer

Jenelle Ferrer
Your Realtor

Saturday, October 1, 2011

Quick Update on Mortgages...

FHA...new loan limits are set to go into effect 10/1/11.  The max loan limit for the tri-county area is being reduced from $353k to $274k. 

VA...as of 10/1/11, the VA up front funding fee is being reduced.  This means lower payments and savings for VA borrowers.  Remember, VA is still 0% down payment and NO monthly
mortgage insurance. (Note: VA clients, this is a HUGE advantage for you right now!)

USDA...as of 10/1/11, USDA loans will reduce their up front funding fee BUT now have monthly mortgage insurance.  Remember, USDA is also still 0% down payment.

Second home buyers...financing a second home purchase with just 10% down payment is now possible! Credit score of at least 620 is needed.



Information courtesy of my good friends at Security National Mortgage Company.

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