New FHA, Fannie Mae & Freddie Mac Loan Limits
Present Wonderful Limited Time Opportunity
As a result of the recently enacted Economic Stimulus Package, a number of FHA loan programs which are not widely known in California will provide solutions for homeowners whose mortgage payments have skyrocketed while their home values decreased. It is possible for many of these borrowers to refinance with an FHA guaranteed first mortgage, even though their combined first and second mortgages exceed the value of their homes. Special rules allow borrowers who were current with their loans during the teaser rate period to refinance, even if they are in foreclosure. This legislation provides a lifeline to distressed borrowers.
FHA loans are available to borrowers who have as little as 3% cash, and even that small cash requirement can be provided by a gift from a parent. FHA credit requirements are more flexible than conventional loans. The new limits for FHA (as well as Fannie Mae and Freddie Mac) loans were just announced March 6, 2008. California's Napa County, Marin County, San Francisco, San Mateo County, Contra Costa County, Santa Clara County and Alameda County all received the top limit of $729,750. Lower limits were set for some other Northern California counties: Sonoma $662,500, Mendocino $512,500, Solano $557,500, Lake $401,250, Placer $580,000, Sacramento $580,000, Shasta $423,750, Butte $400,000 and Humboldt $393,750. These limits expire 1/1/2009.
Apply for a loan at www.PrudentBorrowers.com or call us today at 1-888-PRUD-411 to see how these new FHA loans can help you avoid foreclosure, refinance or purchase a home at the lowest home prices we may ever see again.
Read the Bulletin from HUD Secretary Jackson announcing this exciting opportunity (FHA News Release.)