Kevin Warren

FHA is requiring updates for their condo certifications. FHA requires a certification on the entire condo complex to be able to finance with an FHA loan. A lot of complexes approvals expire tomorrow December 7. If you have a condo listing or a buyer looking at a condo, give me a call or email to see if it is approved for FHA financing or how to get it recertified. VA loans also follow closely to FHA, they have a list of approved complexes as well, but in some cases VA says to check if it is FHA approved and then they will allow financing too.

On January 1, 2009 the conforming loan limit for our area in Hampton Roads will increase from $417,000 to $458,850. The FHA loan limit will be $458,850 as well, up from the mid 300,000 dollar limit this year. This means more money is available at non-Jumbo rates or qualifying requirements! Also, the FHA downpayment requirement is supposed to increase from 3% to 3.5% January 1st. If you have any specific questions call me or email and I will help in any way I can!

Come check out our home buying seminar tonight, or tell your freinds! I am excited, it is our first of many this year, and I hope to make this year a great success. We will be having several more this year and I will keep you posted as to when the next will be.