Tell EVERYONE about the NEW FHA LOAN LIMITS!!

I have some information for you and other real estate professionals that is a breath of fresh air.

The new loan limits have come out for FHA and since the real estate industry considers FHA as the new Alt-A loan program this means that more people will qualify to both purchase new homes and refinance out of bad loans!

Here are the new FHA loan limits! They are significantly higher then expected! Let me know if you need any further information since this program is the loan of the future for non-prime borrowers. These FHA loan limits can go into effect as early as next Thursday!

Three things to keep in mind are that:

1. FHA does not require reserves!

2. Although FHA is subject to risk based pricing, FHA is not fico driven!

3. FHA has the option of 30 and 15 year loans (fully amortized no interest only)!

4. The FHA secure program which is only available until Dec. 31 2008 can refinance people with negative equity. (Call for details)

The memo is below:

NEW FHA LOAN LIMITS BY COUNTY

At a speech today in Orange County, HUD Secretary Jackson announced the new limits for California. Attached are the limits by county. They appear to be about as high as we could have expected. The limits for the rest of the country should be published tomorrow. We understand that FHA will require second appraisals on loans over a certain limit (possibly $417,000) if the following conditions exist: 1) LTV is above 95%, 2) the appraiser has designated the property in a declining market and there is data that corroborates that fact. Mountain West Financial is pleased to announce we will be underwriting and approving loans at the new limits and will advise you as soon as we are in a position to lock loans at these new limits.

California County Limits

Obs	prop_addr_st	county_nm	med_price	FHA_1unit
185	CA	Alameda County	995000	729750
186	CA	Alpine County	438000	547500
187	CA	Amador County	355000	443750
188	CA	Butte County	320000	400000
189	CA	Calaveras County	370000	462500
190	CA	Colusa County	318000	397500
191	CA	Contra Costa County	995000	729750
192	CA	Del Norte County	249000	311250
193	CA	El Dorado County	464000	580000
194	CA	Fresno County	305000	381250
195	CA	Glenn County	230000	287500
196	CA	Humboldt County	315000	393750
197	CA	Imperial County	260000	325000
198	CA	Inyo County	350000	437500
199	CA	Kern County	295000	368750
200	CA	Kings County	260000	325000
201	CA	Lake County	321000	401250
202	CA	Lassen County	200000	271050
203	CA	Los Angeles County	710000	729750
204	CA	Madera County	340000	425000
205	CA	Marin County	995000	729750
206	CA	Mariposa County	330000	412500
207	CA	Mendocino County	410000	512500
208	CA	Merced County	378000	472500
209	CA	Modoc County	125000	271050
210	CA	Mono County	370000	462500
211	CA	Monterey County	599000	729750
212	CA	Napa County	615000	729750
213	CA	Nevada County	450000	562500
214	CA	Orange County	710000	729750
215	CA	Placer County	464000	580000
216	CA	Plumas County	328000	410000
217	CA	Riverside County	400000	500000
218	CA	Sacramento County	464000	580000
219	CA	San Benito County	790000	729750
220	CA	San Bernardino County	400000	500000
221	CA	San Diego County	558000	697500
222	CA	San Francisco County	995000	729750
223	CA	San Joaquin County	391000	488750
224	CA	San Luis Obispo County	550000	687500
225	CA	San Mateo County	995000	729750
226	CA	Santa Barbara County	615000	729750
227	CA	Santa Clara County	790000	729750
228	CA	Santa Cruz County	719000	729750
229	CA	Shasta County	339000	423750
230	CA	Sierra County	228000	285000
231	CA	Siskiyou County	235000	293750
232	CA	Solano County	446000	557500
233	CA	Sonoma County	530000	662500
234	CA	Stanislaus County	339000	423750
235	CA	Sutter County	340000	425000
236	CA	Tehama County	250000	312500
237	CA	Trinity County	200000	271050
238	CA	Tulare County	260000	325000
239	CA	Tuolumne County	350000	437500
240	CA	Ventura County	599000	729750
241	CA	Yolo County	464000	580000
242	CA	Yuba County	340000	425000

Final Thought

"You can't build a reputation on what you're going to do."

~ Henry Ford

Since we are either proactive or reactive, I urge you to reach out to EVERYONE you can and connect with them! Too many people are paralyzed by the bad media and the fear that grips the general populace.

By letting them know that “money is on sale”, because interest rates are so low and inventory is so high, we are all experiencing the epitome of a home buyers market.

The favor lies with the buyers and the sellers that know how to capitalize on the oppurtunities available for buyers...ie the 3-2-1 buydown, ect.

Home Page