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As of January 1st, 2009 the minimum down payment requirement for all buyers will be 3.5 percent increased from 3.0 percent. The new FHA loan limit for Maricopa County at year’s end will go down from $346,000 to $271,000. Freddie Mac and Fannie Mae loan limits will still be at $417,000 for Maricopa County. The National Association of REALTORS® has provided us the a summary of this big Housing and Economic Recovery Act, which I am sharing with you here. I will be digging into each of this elements over time and commenting on them as I learn the pros and cons of each. H.R. 3221, the “Housing and Economic Recovery [...] U.S. Department of Housing and Urban Development (also known as HUD) released a study today: A Study of Closing Costs for FHA Mortgages by a noted economist Dr. Susan Woodward. Basically Dr. Woodward took a national sample of 7,560 FHA-insured, 30-year fixed-rate home purchases and compared the fees that the buyer/borrower paid for mortgage broker [...] |
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