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!
Molly Lionberger, traveling Notary Public. 5 years experience in Mortgage Loan Origination and Settlements.
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