Two new FHA loan rules you need to know. 0
There are two new developments that have come to light with FHA loans that you need to know about.
1) As of August 19th, FHA has lowered their loan limits nationwide. In the Denver Metro Area that means that loan limits are being reduced from $406,250 to $368,000. That means that you FHA buyers now have $38,250 less in buying power and sellers in that price range now have fewer buyers that their homes are available too.
2) I doubt if there are many buyers that want to buy a home that has a history of Meth use. But up to now an FHA loan could be used to by that home if it had been remediate. Universal Lending has learned that any home including HUD Repo’s which have any evidence of the use of meth or creation of meth or even if a police report has been issued stating meth was in use in a home is ineligible for FHA insurance. Even if remediation has been done, they will not accept the property.
Let me know if you have any questions or if I can help in any way.
Mark Afman
Senior Residential Mortgage Specialist
Universal Lending Corporation
6775 E Evans Ave, Denver, CO. 80224
NMLS # 299217ColoradoLic #100017652
Direct: 303-759-7392, Cell: 303-905-2488, Fax: 866-896-9240
I’m honored to be selected as a Five Star Mortgage Professional by 5280 magazine.
Apply online at www.mafman.ulchomeloans.com
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Check the license status of your mortgage loan originator at http://www.dora.state.co.us/real?estate/index.htm