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Macomb County MI real estate blog

New FHA mortgage loan limits for 2009

November 16th, 2008 · 2 Comments · chesterfield township, fha mortgages and first time home buyers, macomb county MI, macomb county mi real estate market, SANG, st. clair shores, tips for home buyers, tips for home sellers, Uncategorized

HUD and FHA came out with their annual assessment recently, and new FHA loan limits have been announced for those who wish to purchase a home in 2009.

For Macomb County the limit has been lowered due to declining property values.  The 2009 mortgage amount has been limited to $271,050. (This is down from $297,500)

Most of us in the real estate industry have been expecting a decrease in the amount that FHA will loan to a home buyer in our area because prices have been falling.

The good news to come out of this:  There are thousands of homes on the market right now in Macomb County MI that fall under the $271,050 price limit for an FHA mortgage.

Also, in 2009  you will need a 3 1/2% down payment for an FHA mortgage, however you can still ask the sellers to contribute up to 6% of the purchase price to be used for your closing costs, tax prorations and pre-paid items associated with your new mortgage loan.

An example:

If you wished to purchase a $100,000 home in Macomb County you would need $3500 as a down payment in 2009.  (The down payment can still be a gift from family members.) You could also ask the sellers to pay up to $6000 of your closing costs and associated costs to purchase the home.

Purchasing a home in Macomb County has not become more difficult.  It simply has shifted away from the zero down -stated income mortgages to more protection for you, the home buyer.

Any questions?   Drop me an email or give me a call.  I’d be happy to answer your questions or refer you to one of my trusted FHA mortgage lenders.

~Kris Wales~

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2 responses so far ↓

  • 1 royetta phillips // Mar 14, 2009 at 9:06 am

    i would like to know if you still have to wait 3 yrs. if you lost a home in bankruptcy. i wanted to get a home with my daughter her 3 years will be up 12/09. i applied on line a FHA mortgage they said i was approved 170,000. and wanted to send my bank acct information for 2 mos. all accounts ,drivers lic/social security card /pay stubs .i don’t feel safe doing long distance businessDenisson,Tx can you give me some advice 877-285-3736 is there phone #

  • 2 Kris Wales // Mar 16, 2009 at 5:48 am

    Royetta, I don’t know if the requirement for post-bankruptcy is still 3 years, but I can check on that for you today.

    Also, if you are uncomfortable mailing or faxing your required pre-approval documentation to someone you can always make an appointment to talk with the mortgage lender in person. In fact, I highly recommend that.

    Mortgages can be had via email or fax, but you don’t get the one on one with the representative and I think that’s very important. You’ll have a chance to ask questions, interview the mortgage representative and go over the good faith estimate in person with him or her.

    Your bank and/or credit union are really good options for an FHA mortgage, or if you’d like I can do some researching for you and find a mortgage broker close to you that you can call and make an appointment to sit down and talk about FHA mortgages.

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