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HomeBuyers – Have You Heard About the Latest Updates for FHA Loans?

Latest Updates for Fannie Mae/Freddie Mac and FHA Loans.

Some tighter lending policies may come into force soon:

S0 if you are one of the many Home Buyers waiting to find a home you might want to consider how the following could affect you with the purchase of your new home.

HUD Chief Shaun Donovan is considering a possible increase in the minimum down payment allowed from 3.5% – 5% and higher mortgage insurance premiums for an FHA Loan.

Fannie Mae is also expected to tighten requirments on FICO scores to 620 minimum and Debt-to-Income ratios to 50% maximum for conventional loans and 45% for High-Balance (jumbo) loans.

If you’re looking to get a high balance loan (jumbo) limits will stay the same for 2010: San Diego = $697,500, Riverside = $500,000

Call Pam and Joanna. We are here to help and we answer our phones.

Pam Parton 760-580-1615               Joanna Woolley 760-580-1630