9 am to 5 pm

Monday to Friday

352 University Ave SW, Suite W112

Atlanta, GA 30310

404.432.1029

nia@areawestrealty.com

Compare Listings

***FHA, Downpayment 411***

Earlier today President Bush signed into law a number of very significant changes that will occur starting October 1st. Please read these changes as they affect all of us and our Home buying abilities.

Details of the Housing and Economic Recovery Act are as follows:

 The two items in bold will have the greatest immediate impact so please read these carefully.

 Higher permanent loan limits for conventional conforming and FHA loans will become EFFECTIVE January 1, 2009. The act calls for limits to increase to a maximum amount of 625,500 , depending on the metropolitan area. The temporary limits established in March 2008 are set to expire December 31, 2008

-FHA floor limit to remain at 271, 500

-VA guaranty will increase

**Minimum cash investment for FHA loans WILL increase to 3.5%**

-A moratorium on RISK Based Pricing for FHA loans will go into effect on October 1, 2008

**Seller Funded Down Payment Assistance with FHA loans will be TERMINATED on October 1, 2008. No more DPAs like Nehemiah & American Dream.**

-Condo processing for FHA loans will be streamlined

img

Nia Knowles

Realtor, Community Advocate, Mother, Leader, Innovative Thinker, Idea Generator,

Related posts

Helping renters become owners

The homebuyer workshop at 1742 Lisbon Drive in Perkerson Park was a success!  We invited members...

Continue reading
by Nia Knowles

**Invest Atlanta Open House Tour 2018**

...

Continue reading
by Nia Knowles

Federal Home Loan Bank of Atlanta Announces 2015 AHP Competitive Offering

$19.6 Million Available for Affordable Housing Development April 10, 2015 by...

Continue reading
by Nia Knowles

Join The Discussion