New FHA Loan Amount Limit

If you have a higher priced home that needs FHA financing, the current limit of $295,000 for the Salem area is set to DECREASE to $271,050 starting January 1^st, 2014.

 

You can still take advantage of the higher limits if the FHA case number is assigned prior to this date.

 

The full FHA mortgage limits for any area in the USA can be researched for 2013 or 2014 here: https://entp.hud.gov/idapp/html/hicostlook.cfm

 

To get started with your financing, give us a call or shoot us an email!

VA Guideline update Nov 2013

Great news!  Federal VA loans no longer require a home to be hooked up to city water and sewer. In the past this was an expensive requirement to meet VA loan guidelines. Now if the home has a private well or septic system, even if  city services are available, VA will not require hookup unless otherwise required by local laws!

 This change will save thousands of dollars on

each home that falls into this category!

Read the full VA memo, here:  http://www.benefits.va.gov/homeloans/documents/circulars/26_13_24.pdf

q & a: What is an assumable loan?

 

 

: What does it mean when a loan is "assumable?"