Self-employed mortgage? You need to know this …

1.
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. This allows first time homebuyers to reach higher loan limits with less expensive mortgage insurance options.Read more directly from Fannie Mae:
https://www.fanniemae.com/content/announcement/sel1415.pdf

2.
FHA has repealed its 90 day flip policy. Since 2010 HUD has eased restritions on these sales to help boost sales and rehabs in underserved markets and markets with predominace of foreclosures. FHA has said now that they have helped boost this sector they are goign back to guarding its clients from sales there the home must be seasoned for at least 90days. Read on here: 3. FHA / HUD has changed county loan limits
http://www.floridarealtors.org/NewsAndEvents/article.cfm?id=314957

3.
FHA/HUD will 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.
https://entp.hud.gov/idapp/html/hicostlook.cfm