Colorado Springs Vintage Homes Blog

5 things you need to know about FHA Mortgages

 Colorado Springs Vintage Homes is happy to feature a great article

on FHA Loans by

Bryan Yaninek with Castle & Cooke Mortgage, LLC

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Here are the 5 things you need to know about the new changes for FHA loans:

1. One single down payment requirement of 3.5% for all purchases

2. Closing costs/prepaids are in addition to the 3.5% down (6% seller contribution allowed)

3. New maximum LTVs (based on lower of sales price or value) are:

• 96.50% for all purchases.
• 98.28% for all regular rate and term refinances (cash out remains at 95%).
• 98.52% for all streamline refinances.

4. These changes are effective October 1st, 2008

5. Purchases already in the pipeline will have until December 31st and will be assigned a case number. After January 1st, 2009, all purchases will require the new down payment requirements.

Written by Bryan Yaninek, with Castle & Cooke Mortgage, LLC

Have a question? Contact Brian 719-457-2200

Kathy (719-287-1049)   KTorline@msn.com

Tags: buying a home, Colorado Springs Real Estate, Colorado Springs Realtor, FHA loans, Homes in Colorado Springs, Mortgage and Finance

This entry was posted on Tuesday, September 16th, 2008 at 6:59 am and is filed under Mortgage and Finance. You can follow any responses to this entry through the RSS 2.0 feed. You can leave a response, or trackback from your own site.

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