SPECIAL ALERT !!!

HUD Publishes Increased Loan Limits

Earlier today, HUD published the median home prices, which in turn also gave us the new FHA increased loan limits.

The entire Atlanta MSA (Metropolitan Statistical Area) FHA loan limits will be increasing to $346,250. For a list of counties in the Atlanta MSA, click here. For all other counties in GA, the new FHA loan limit is $271,050.

With the new Loan to value limits that Mortgage Insurance companies are placing on loan in the Atlanta area since Atlanta was classified as a declining market, FHA and these new loan limits will pave the way for more buyers. This also helps many  homeowner's who might benefit to refinance to an  FHA mortgage, especially with all the credit score requirements by Fannie Mae and Freddie Mac. We can get the same pricing on a FHA loan for a 500 credit score as we can for a client with a 740 credit score and the mortgage insurance premiums are not any higher due to credit score.

HUD is talking about "risk based" pricing to occur in the future (based on credit scores and LTV). We do not know when this may take place, so don't waste time if you feel you can benefit from these temporary loan limit increases.

It also appears that Georgia did have one county that will be seeing an increase in the Conforming Loan Limits. That county is Greene County (Lake Oconee) and the new temporary conforming loan limit is $662,500. Now might be a good time to refinance your primary residence if you are in Greene County and you have a jumbo loan or buy that second home at conforming interest rates and terms. To view a list of all counties that are receiving a temporary conforming loan limit increase, the list is available at www.ofheo.gov/media/hpi/AREA_LIST.pdf.

Please remember that these temporary loan limits only apply to loans that close by 12/31/08.

If you or someone you know can benefit from these changes, please have them give me a call. I'd be more than happy to provide them with a free consultation to see if they benefit from these temporary increases.

I can be reached via phone @ 678-773-0651 or via email at kathy@kathydelbridge.com.

Wishing You All The Best! Thanks for your business and your referrals. It is greatly appreciated.

Kathy Delbridge, CMPS

Certified Member of the Certified Mortgage Planning Specialist Institute