VA, FHA and Conventional changes in 2015
Thanks for joining us again and providing valuable feedback!
Conventional lending available to first time home buyers with only as little as
3% down. FNMA has reduced the minimal amount for first time home buyers to acquire
a home with conventional financing. We recapped some of the question we received
back from views last week on this. This allows first time home buyers to reach
higher loan limits with less expensive mortgage insurance options.Read more directly
from Fannie Mae:
FHA has repealed its 90 day flip policy. Since 2010 HUD has eased restrictions on
these sales to help boost sales and rehabs in undeserved markets and markets with
predominance of foreclosures. This policy does not impact sales directly from banks,
or other federally exempt agencies.
Va is following suit with FHA and will also be changing the loan limits. Please
look up your county to see the new changes or call us to get specifics on your counties
new loan limit. There is still ability to insure higher loans than 417k with additional
down payment please call for questions on this.