{"id":21618,"date":"2015-02-12T19:57:51","date_gmt":"2015-02-12T19:57:51","guid":{"rendered":"http:\/\/203krehabnow.com\/?p=21618"},"modified":"2015-02-12T19:57:51","modified_gmt":"2015-02-12T19:57:51","slug":"fha-loan-limits-increase-to-an-even-more-classy-range-texas","status":"publish","type":"post","link":"https:\/\/dev203k.orbitwebx.com\/dev203k\/fha-loan-limits-increase-to-an-even-more-classy-range-texas\/","title":{"rendered":"FHA Loan Limits Increase to an Even More Classy Range &#8211; Texas"},"content":{"rendered":"<p><a href=\"https:\/\/dev203k.orbitwebx.com\/dev203k\/wp-content\/uploads\/2014\/12\/fha-203k-and-HomeStyle-Texas.jpg\"><img loading=\"lazy\" decoding=\"async\" class=\"aligncenter size-medium wp-image-21611\" src=\"https:\/\/dev203k.orbitwebx.com\/dev203k\/wp-content\/uploads\/2014\/12\/fha-203k-and-HomeStyle-Texas-620x348.jpg\" alt=\"FHA 203k Higher Loan Limits 2015\" width=\"620\" height=\"348\" \/><\/a><\/p>\n<p>Yes you heard it correct for FHA 203b and <a title=\"Full 203k \" href=\"https:\/\/dev203k.orbitwebx.com\/dev203k\/why-the-203k-full-rehab-loan-for-structural-repairs\/\" target=\"_blank\" rel=\"noopener\">FHA 203k <\/a>&#8230;FHA has increased the area loan limits and now in the Dallas\/Ft Worth area we are up to $310,500 for a one unit property.\u00a0\u00a0 And that is not all &#8230; after January 26th FHA is lowering the amount of the monthly mortgage insurance premium. Currently the monthly charge is 1.35% but now will be a much lower .85%.<\/p>\n<p>Let&#8217;s dig into the information regarding the monthly mortgage insurance first.\u00a0\u00a0FHA has published <a title=\"HUD Mortgage Letter\" href=\"http:\/\/portal.hud.gov\/hudportal\/documents\/huddoc?id=SFH_FHA_INFO_15-05.pdf\">Mortgagee Letter 2015-01<\/a> implementing the reduced annual mortgage insurance premiums effective with FHA case numbers pulled after January 26<sup>th<\/sup><\/p>\n<p>The scoop from that letter is this :<\/p>\n<p>Annual premium is reduced 50 basis points on both purchase and refinance transactions.<\/p>\n<p>Applies to\u00a0all FHA loans w\/ terms greater than 15 years<\/p>\n<p>No change to premium for loan terms of 15 yrs or less<\/p>\n<p>Note : there is no change to the upfront mortgage insurance and the fact that the mortgage insurance will be on the loan for the life of the loan\u2026unless a refinance of course to a conventional product at a later time.<\/p>\n<p>So what can this means for buyers and the actual monthly mortgage payment?\u00a0 Take for instance a home in Texas that a buyer wants to purchase and put the least down that the program allows which is 3.5% of the pruchase price.\u00a0\u00a0 Currently the monthly mortgage insurance factor would be 1.35% \u2026but after January 26<sup>th<\/sup> that amount is going down to .85%.\u00a0 On a $200,000.00 loan amount that is a savings of about $84.00 per month!!<\/p>\n<p>And just to be clear this applies for the traditional FHA 203b loan and the amazing FHA 203k loan as well.\u00a0 So buy a move in ready home and you now have more purchasing power due to the higher area loan limit and the lower monthly mortgage insurance &#8230;or buy a home that needs a little or allot of TLC using the <a title=\"FHA 203k\" href=\"https:\/\/dev203k.orbitwebx.com\/dev203k\/why-the-203k-full-rehab-loan-for-structural-repairs\/\">FHA 203k<\/a> loan!<\/p>\n<p>If all of the above is not enough for you to be interested in FHA financing\u2026.well I have more information to share. At HomeBridge we are now offering FHA loans to borrowers who have a minimum middle fico score of 600.\u00a0 There will be a few things we will want to see including a couple of months of mortgage payments are set aside and a maximum debt to income limit of 45%.\u00a0 We are offering these loans with the minimum down payment of 3.5%!\u00a0 Typically the minimum credit score we would allow would be 640 but with a few overlays we can now accomidate the lower tierd scores as well.<\/p>\n<p>Call me today to get all of the information for financing your next home!<\/p>\n<p>&nbsp;<\/p>\n<p>&nbsp;<\/p>\n<p>&nbsp;<\/p>\n","protected":false},"excerpt":{"rendered":"<p>Yes you heard it correct for FHA 203b and FHA 203k &#8230;FHA has increased the area loan limits and now in the Dallas\/Ft Worth area we are up to $310,500 for a one unit property.\u00a0\u00a0 And that is not all &#8230; after January 26th FHA is lowering the amount of the monthly mortgage insurance premium. [&hellip;]<\/p>\n","protected":false},"author":2,"featured_media":21611,"comment_status":"closed","ping_status":"closed","sticky":false,"template":"","format":"standard","meta":{"_acf_changed":false,"footnotes":""},"categories":[67,69],"tags":[],"class_list":["post-21618","post","type-post","status-publish","format-standard","has-post-thumbnail","hentry","category-203k-full","category-203k-streamline"],"acf":[],"yoast_head":"<!-- This site is optimized with the Yoast SEO plugin v28.1 - https:\/\/yoast.com\/product\/yoast-seo-wordpress\/ -->\n<title>FHA Limits Increase Texas | 203k Rehab Now<\/title>\n<meta name=\"description\" content=\"FHA Limits in the Dallas\/Ft Worth area we are up to $310,500 for a one unit property. 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