Great News – FHA’s new, Higher loan limits are effective with case numbers (basically contracts) pulled on or after 1-1-2020. And the Conforming limits are effective now!
Remember FHA will go to a 56% DTI, and there’s no MI increase for a lower credit score!! FHA will go down to a 580 score, although if your buyer has a 620 score, they’re eligible for down payment assistance in conjunction with their loan.
FHA allows for a non-occupant co-borrower to qualify for the entire payment, and also to provide the entire down payment and closing costs in the form of either a gift or a secured or unsecured loan.
Sellers can provide up to 6% toward closing costs too.
ANNNNND, we can close an FHA loan in 2 weeks!!
Take a look at these great loan limits and let’s go!!