FHA Mortgage rates change often so please call Dave for the latest updates:
FHA Max Loan Update from HUD as of Feb 25, 2009:
In Metro Detroit area the Max FHA loan amount has adjusted to $297,500 up from $271,050
Contact me for the most current rates available for FHA & VA rates
Going with an FHA mortgage has many benefits. It is the only mortgage program besides VA that allows a down payment of only 3 1/2%. Coneventional mortgages now require a minimum of 10% down payment. The interest rates are low for FHA & VA (contact me for latest rates). FHA also allows for you to qualify for a higher mortgage amount & have a lower FICO score (620) than conventional mortgages. One other benefit is you can negotiate up to 6% seller concessions which could lower your total cost to get into a home.
Contact me for more information on the benefits & see if an FHA or VA mortgage is right for you.
