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Posts Tagged ‘FHA’

FHA Update -NAR – Congress

J. Andrew English J. Andrew English
Thursday, March 11th, 2010

NAR is asking Congress to refrain from raising the min downpayment requirements for FHA Loans.  In 2009, FHA insured more than half of the loans taken out by first time home buyers. NAR is concerned that the road to recovery will be delayed even further for the housing market if FHA loans become more difficult to acquire.  Critics are asking for FHA to increase the downpayment amount to 5% from its current 3.5%, amongst other stricter proposals. These proposals include higher down payment for borrowers with sub 600 credit scores, capping seller concessionsat a max of 3%, and so on…..

Montana FHA Loan Limits going down in 2009

Donald L. Plunkett, Jr. Donald L. Plunkett, Jr.
Tuesday, November 18th, 2008

We received a note from Western Security Bank in Billings that the FHA limits for Yellowstone County are going down to $271,050 in 2009 (from $292,250)  If your home is in the upper $200’s to low $300’s, you need to seriously consider listing your property now before the potential negative impact of this change.  There is still time to get a property listed, under contract, in escrow for around 30 days, and sold by the end of the year.