2325 E. Camelback Road #100
Phoenix, AZ 85016
Arizona's #1 FHA Lender (2014)
NMLS #221602 | FIMC NMLS #2289
I am sorry to inform everyone that the county loan amount limits will be reduced very shortly. For those of you in Maricopa/Pinal County, we will see a new loan limit of $271,050, revised downward from $346,250. To be eligible for the current max mortgage amount of $346,250, loans must be in process and underwritten by a DE underwriter by September 30th, 2011. Make sure your loan officer can deliver in time and has your file fully processed and approved by September 30th so you are not left out in the cold.
To see where your counties new loan limits will be set, go to HUD’s website here:
For those of you who currently have a FHA mortgage amount that falls into this category whereby the loan amount is above the new limit and at/below the old, n ocause for alaram. You still have a FHA insured mortgage and you can still streamline refinance into a new FHA mortgage under certain terms:
• FHA to FHA refinances meeting all of the following requirements. It is important to note that all non-credit qualifying streamline refinances that have not closed prior to October 1, 2011 must meet these requirements in order to exceed the new loan limits.
o The existing loan being refinanced is an FHA insured mortgage.
o The loan amount for the new mortgage, including the financed MIP, does not exceed the original principal balance of the existing FHA loan being refinanced.
o The new mortgage does not have a term of more than 12 years in excess of the unexpired term of the existing FHA loan.
o The monthly payment due under the new FHA loan is less than that due under the existing FHA loan for the month in which the new FHA mortgage is executed.
I am aware many people are concerned that this will further constrict our ability to lend, and it will somewhat, but we do now have other options. Recently, NOVA Home Loans has been making available a 3% Down Conventional Financing loan program if one has 680 fico’s. However, if you can come up with 5% Down (FHA is 3.500% Down) we can approve people down to a 620 fico score in some cases! With this being said, do not to panic, we still have options and in my opinion these options are becoming available to keep the market alive respective of FHA’s changes, in further effort to lighten the government’s exposure to mortgages. For more questions on what you qualify for or if your loan officer cannot process your loan fast enough to be underwritten by September 30th, Call The Tobias Team, we can close in 2 weeks or less!