Great news for the Mississippi Gulf Coast Recovery! Maximum FHA Loan limits increased as of 3/6/08 from $201,050 to $271,050! With the increase of down payment requirement on Conventional Loans due to declining market messages from Fannie & Freddie, plus the reactions from PMI companies resulting in higher minimum credit scores --- this increase from the FHA is a HUGE Blessing.
What this means for buyers who may not fully understand what I just wrote is that you can get a home loan with a minimal 3% down payment and 580 credit score up to $271,050 as long as you can meet the other FHA guidelines. This will save homebuyers thousands of dollars and offer them lower interest rates and lower monthly mortgage insurance premiums.
If you are a homebuyer in MS, AL or LA, please feel free to call or email me to find out more information or apply for a FHA loan today!
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Hi Molly,
I see this is your first post on Active Rain. Congratulations!! I just wanted to welcome you to a fantastic Real Estate Industry Network! Welcome aboard, I hope you'll continue to Blog, and invite others.
I’ve added a link to a post called, “NEW MEMBERS – Start Here” that will hopefully get you up and running with the least amount of effort, and also help you to navigate around Active Rain more efficiently.
I hope you'll find this to be a useful post in helping you get started.
Again, welcome to Active Rain, the best place to start, and have a Blogging experience!Good Luck to you and your business! B-)
Thanks!