I wanted to share this mortgage information I just received from one of my mortgage partners.
Kari Freeman with Security National says “Please be aware that FHA loan limits are proposed to change (which means we are pretty certain they will change) October 1st, 2011. Currently the max FHA loan for Orange, Seminole, Lake and Osceola counties is $353,750 and will now be decreased to $274,850. Volusia and Brevard counties will go down to $271,050. FHA case #'s must be issued prior to 10/1/11 in order to stay under the current limits.
Also, there is an upcoming change to USDA loans. Currently, there is only an up front funding fee that is financed into the loan of 3.5% and no monthly fee. This will change 10/1/11 to a 2% funding fee and .30% monthly.
More reasons to get those buyers off the fence and making buying decisions now.”
Many Thanks to Kari for keeping Realtors, like myself, and my clients up to date on mortgage trends.
If you want to buy before these changes take effect, contact me today.
Julie Boyd-Elrod, Realtor
Charles Rutenburg Realty
www.julieboydelrod.com (live and under construction)