Good Reasons To Lock in A loan before 2009!

New loan limits and minimum down payments are coming into effect for 2009. 

A good reason to get something before the first of the year!

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FHA’s minimum down payment is being increased from 3% to 3.5% as of Jan 1, 2009. The only way to honor the 3% down payment option for you, is to get your loan approved before the end of the year. So, if you don’t already have an approved offer and a loan submitted, then you should!

· FHA’s new Loan Limit for Riverside County is $355,350, not $500,000. This is also in effect on January 1, 2009, and under the same scenario as above.

· Conventional Loan limits have also been reduced back to $417,000, not $500,000 anymore. Any loan amount above 417K, is going to be considered a jumbo mortgage.

· Reverse Mortgages are going to be a great mortgage tool moving forward to help seniors over the age of 62 purchase a new home, with no income or credit qualification required. Yes, you heard that here first.

· Rates are great today, why not do a cash out refinance on your primary residence at 5%, so you can get the down payment needed to buy a investment property today.

· USDA & VA Loan’s – both offer you 100% financing as long as you qualify for the program.

If you would like more information on any of these topics, or have any other questions, please feel free to contact me