Changes In FHA Coming Now Is The Time To Refinance
By Scott Dovala, Santa Rosa Mortgage and Home Loans
(Ascent Home Loans)
The Senate has recently passed Senate Bill S 2338 which changer dramatically the structure of the standard FHA programs. In recent years FHA programs have not been used to any extent here in California due to the median home prices being much higher than the $362,790 loan limit established for most of the state along with the North Bay area. With the passing of the above bill, loan limits will be raised to the Fannie Mae and Freddie Mac conforming loan limits of $417,000. Along with those lines, the bill will also reduce the required 3% downpayment from the borrower down to 1.5%. This change alone will help many families the extra help they needed in purchasing a home. However, with the increase in the loan limits to $417,000, this change will help those that need to refinance now. Thos...
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