Just in from my friend Tommie Faust at Bluegrass Mortgage -- a great lender with whom to work by the way -- the FHA has new loan limits. Here's what she has to say:
FHA has raised their loan limits on single family homes to $271,050 & two-family to $347,000. The 100% loans are a thing of the past. FHA requires the 3% investment and the factor for the PMI is .50. There is a proposal for a 1 ½ investment that hasn’t been approved yet but probably will be. However, the PMI factor will be adjusted according to the risk.
Word on the street, too, is that PMI (the mortgage insurance you buy for your lender if your loan to value ratio is greater than 80%) rates are going to be going up in the future with so many more buyers defaulting on their loans.
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