Medford, MA Homes for Sale – Deb on the Web » mortgages

FHA Loan Limits to Rise

DebOnTheWeb — Tue, 26 Feb 2008 12:33:39 +0000

One of the pieces of last week’s economic stimulus package is a temporary increase in FHA (Federal Housing Administrations) loan limits. The current FHA loan limit of $362,790 for Middlesex County meant that a lot of our market couldn’t use FHA programs. Although the new limits haven’t been announced yet, it looks like the temporary range will be in the $500,000′s. Not only is this going to make is easier for people (who meet the FHA requirements) to purchase, but also if you have an adjustable rate mortgage you might be able to refinance into an FHA fixed program.

Minimum Down Payments To Rise in March

DebOnTheWeb — Fri, 15 Feb 2008 15:34:34 +0000

Are you thinking of taking advantage of the decline in the market to purchase an investment property? Well, thanks to some upcoming changes by two of the country’s largest private mortgage companies, you’ll have to have a higher down payment.

MGIC and PMI Group will soon be requiring a minimum of a 10% down payment on an investor owned 1-4 family property. In some areas that they consider more risky (which include Norfolk and Suffolk Counties here in the Boston area) the minimum down payment will be 15%.