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!!
If you’ve been following the real estate market at all, you’ve probably picked up on the fact that property values have been