FHA Loan Limit Change Reversed / Great New Jumbo Loan Program 10% Down

Tuesday, January 17, 2012

FHA Increases Mortgage Loan Limit!

Last Month FHA announced a reduction in the mortgage loan limits on FHA mortgages around the country. The loan limit for Oakland, Macomb and Wayne County, Michigan were reduced from $297,500 to $271,050. That was just reversed and the limits will remain at the old levels of $297,500 effective immediately!

New Jumbo Loan Program Available with 10% Down!

Jumbo mortgage loans (those mortgages that exceed the conventional loan limit of $417,000) had really dried up over the past 4 years but just recently we’ve seen new interest in making these loans. Existing loan programs have been requiring a 20% down payment.

This exciting new program will make a Jumbo Loan with just 10% down and no Private Mortgage Insurance (PMI)! Here are the details:

- Max loan amount of $850,000 with 15% down

- Max loan amount of $750,000 with 10% Down

- Minimum 740 credit score

- No monthly PMI paid by borrower

- 30 Year Fixed and 15 Year Fixed loans available

- No First Time Homebuyers (must have had a previous mortgage)
This type of financing is exactly what we need to jump start the higher end home market! Please contact me for more information on how this new loan program can help your clients buy the house of their dreams!


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