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~
Have a real estate question? RSS Feed
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.
Leave a Comment