Issaquah Highlands Undressed

New Loan Limits Announced, So What?

So every little bit helps. This is going to help most with FHA loans, but “The upper mortgage limits also will apply to loans purchased or guaranteed by government-sponsored mortgage companies Fannie Mae and Freddie Mac, FHA officials said.”

Take note, FHA has many advantages. Don’t skip over this lightly. To start with, where else can you get a 95% cash out refi? Nowhere else now. Or even a 97% refi? FHA does have its version of Mortgage Insurance but the rates are as good or better than conventional.

And now the limits are TEMPORARILY raised to help the crises and the pain. They Are to be in affect in 30 days so start now.

They are:

King County, Snohomish and Pierce Counties
Single Family: $567,500
Two Family: $726,500
Three Family: $878,150
Four Family: $1,091,350

Again:”The upper mortgage limits also will apply to loans purchased or guaranteed by government-sponsored mortgage companies Fannie Mae and Freddie Mac, FHA officials said.” That will help Jumbo loans be refinanced to conventional.

Cash-Out Refinance up to 95% for existing or new FHA mortgages.

• Cash-Out up to 95% of your properties value.
• Consolidate first and second mortgages into single loan.
• Bill consolidation programs.
• Easier credit and income qualifications.
• FHA regulated closing costs.

• Rate and Term Mortgage Refinancing up to 97% of your homes value.

• Consolidate first and second mortgages* into a single loan.
• No FICO score or credit score requirements
• Competitive rates for borrowers with a Bankruptcy older than two years.
• Competitive rates for borrowers with a Foreclosure older than three years.
• Easier credit and income qualifications.
• FHA regulated closing costs.

• FHA Streamline Refinance for existing FHA loans only.

• No Cost Interest Rate Reductions programs.
• No Income or Credit Qualifications*.
• Zero cost refinance options available.
• Easily switch amortization for adjustable to fixed or vice versa.
• Easily shorten or lengthen term of your existing loan.
• Easier credit and income qualifications.

• FHASecure Refinance with current mortgage lates.

• Refinance your mortgage at competitive rates even with mortgage lates, if directly due to adjusting mortgage.
• Qualify for refinance even if currently in foreclosure.

I am currently recommending Rhonda Porter (Click Here), who has no financial interest to or with our companies. Her Phone number is 206-718-9488

Tags: Mortgage, fha, refi