just announced an awesome 5% down payment and no mortgage insurance program for loans up to $1.5 Million for purchases and refinances!! I’ll post some of the details below. Reach out if you or someone you know would like to learn more about it and I can connect you with her! Robin Watson-Bird, 925-577-8692, robin@nopressurerealty.com
Category: Loan Limits
FHA Flipping Rule & VA Loan Amount Updates
The FHA Guidelines are changing -more stringent on Flipping Rule and appraisals for 2015. VA Loan Limits are Changing at the end of the end too. The VA loan limit for Alameda and Contra Costa County has been reduced from $1,050,000 to $625,500 effective midnight December 31, 2014 Contact Robin Watson-Bird of the Robin Bird Team for more info 925-577-8692
FHA Changes Effective January 1, 2014
Effective January 1, 2015, FHA will have let their 90 day waiver on flipped properties lapse. This means that after January 1, 2015, a borrower wanting to purchase a flip will have to wait 6 mos + 1 day to purchase.This change will affect both buyers as well as sellers who are flipping properties. In my opinion, it will likely slow the sale of flipped homes and even lower the price of them in areas where FHA financing is the norm and so is flipping property since supply and demand will be affected.
FHA Loan Limits Will Be Reduced in High Cost Areas as of January 1, 2014!!
People in high cost areas who planned to only put 3 1/2% down using an FHA loan on their home purchase will lose over $100K in their possible buying power come Januare 1, 2014! The revisions will be effective for all FHA case numbers assigned on or after January 1, 2014 through December 31, 2014. See new loan limits for various counties here.
Some Active Military & Veterans Can Buy a New Home with a VA Loan Even if Their Current Home is Upside Down and Even if They Have Done a Short Sale on a Property in the Past!
The biggest challenge for people whose homes are upside down (that is, they owe more money on it than it is worth) is buying a new home. Typically, they will one of two alternatives:
1) They will have to short sale their property and wait 2-4 years before a lender will loan them money to purchase another home.
2) Buy another property when their current one is upside down and be able to afford both properties
Active Military and Veterans have a third option because the VA will loan money to buyers who have an upside down property as long as they meet certain criteria. This blog article details this scenario.
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Some Active Military & Veterans Can Buy a New Home with a VA Loan Even if Their Current Home is Upside Down and Even if They Have Done a Short Sale on a Property in the Past!
The biggest challenge for people whose homes are upside down (that is, they owe more money on it than it is worth) is buying a new home. Typically, they will one of two alternatives:
1) They will have to short sale their property and wait 2-4 years before a lender will loan them money to purchase another home.
2) Buy another property when their current one is upside down and be able to afford both properties
Active Military and Veterans have a third option because the VA will loan money to buyers who have an upside down property as long as they meet certain criteria. This blog article details this scenario.
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