October 4th, 2008 lbaxter Posted in Colorado, Consumer Confidence, FHA, Fannie May, First time Home Buyers, Freddie Mac, Luxury Real Estate, Mortgage industry, Summit County, Summit County Real Estate, Tax Credits, Uncategorized |
Now is a great time to buy property, especially if you are a first time home homeowner. The government is actually going to give you a tax credit if this is your first home.
If you are trying to get a FHA mortgage see below.
This next section is to show you the max loan limit for FHA in Summit County:
FHA Mortgage maximums as of Friday October 03, 2008
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SILVERTHORNE, CO (MICRO)
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43540
|
|
SUMMIT
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117
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CO
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$729,750
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$934,200
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$1,129,250
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$1,403,400
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03/05/2008
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Previously this year the a housing bill was passed that : affects FHA, Fannie and Freddie, tax policy and many changes involving the housing market. Here are the major components:
1. FHA Changes
Mortgage limits for high cost areas will be increased to $625,000 on a permanent basis (115% of the current conforming limit).
The FHA floor will go from 48% to 65% of the current conforming limit. This will put the new permanent floor at $271,000.
Cash downpayment is set at 3.5%.
The seller funded downpayment assistance program (DPA) will be terminated on September 30.
The risk based premium established by HUD last week will be suspended on September 30. The ceiling on upfront premiums will go to 3%.
2. Fannie and Freddie
The conforming loan limit will be increased to 115% of area median up to $625,000.
The bill provides for a federal "backstop" for Fannie and Freddie which allows the Treasury to capitalize the companies by taking an equity stake.
A new regulator with enhanced powers is created.
The bill creates an affordable housing trust fund paid for by assessments on Fannie and Freddie to help prevent foreclosures and facilitate affordable housing
3. FHA Rescue Fund
The bill creates a special FHA refinance program designed to allow the refinance into fixed rate FHA products of up to $300 billion in distressed mortgages.
4. Licensing
Encourages a nation wide licensing and registry system for loan originators by setting minimum qualifications and assigning responsibility to HUD for establishing new rules for those states that do not enact licensing laws.
5. Redevelopment of Foreclosed Properties
Provides $4 billion in funds for local governments to purchase and redevelop foreclosed properties.
If you want to know how much a property might be worth, check out my market snapshot.
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October 20th, 2008 at 9:15 am
Now everyone is talking about the American economy and eclections, nice to read something different. Eugene