FHA Home Loans are quickly becoming the best First Time Home Buyer Home Loan program available. FHA Mortgages offer low Mortgage Rates for home purchase or refinance. First Time Home Buyers can also take advantage of the $8000 First Time Home Buyer Tax Credit currently offered for anyone who hasn't owned a home for the past 3 years. If you currently have an FHA Home Loan, you can take advantage of the fast and easy FHA Streamline Refinance Loan to lower your payment today.

JANUARY 2009

CASH OUT REFINANCE >85% LTV NOW REQUIRING 2 APPRAISALS

JANUARY, 2009

If you are pulling cash out of your home using an FHA loan, you can still borrow up to 95% this year.

That is the good news.

The bad news is that, due to declining home value in many parts of the country, FHA will now require that two appraisals are done on any cash out refinance with a loan-to-value ratio >85%. This does not mean your home isn't worth what it appraises ...

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January 31, 2009 4:18

:: FHA Program News :: comments (1) ::

3.5% DOWN NOW REQUIRED

As of Jan 1st, FHA now requires a home buyer to bring a 3.5% down payment to closing. This is up from the 3% down payment requirement that has been in place for many years.

If you are refinancing your home, streamline (FHA to FHA refinancing) or not, you will be capped at 96.5% of the appraised value of your home, 95% if you are pulling cash out.

January 31, 2009 4:14

:: FHA Pre-Qualification :: comments (0) ::

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