Hello Everyone, there are some current changes and future changes being made to some of the popular lending programs: 1. Rural Development says they are changing their eligibility areas. there are many more areas going to be open after the change, including OS, most of DIberville, and Long Beach. Also, they have done away with the requirement that a property in a flood zone must be above the 100 year flood plain. It was nearly impossible before to get a flood zone property to go RD (if it is in flood zone, it is usually not above the 100 year flood plain) They have done away with the 100 year flood plain requirement- as long as you can get flood insurance, you can go RD. This change has not happened yet. Might be in February. 2- Fannie Mae has rolled out a 3% down program for first time home buyers. Before, all conventional loans required 5% down. They consider a first time home buyer to be anyone that has not owned a home in the past 3 years. Only one borrower needs to meet this requirement in order to go with the 3% down program. Here is good news for most of you: 3- FHA will be lowering their Mortgage insurance from 1.35% to .85% on January 26, 2015. This will be a significant savings and will help more buyers qualify for financing.
Posted on: Wed, 14 Jan 2015 05:45:01 +0000
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