Sonoma County Mortgages

All financing provided by New American Funding

(707) 217-4000 | Prequalify Now
  • Home
  • Purchase
    • How Much Down Payment To Buy A Home?
    • How Much Income You Need To Buy A Home
    • How Much Should I Save For Buying A Home?
      • How Rates Affect Payment
    • No PMI Mortgages
    • FHA Loans
    • Sonoma County Disaster Loans
    • Jumbo Loans
  • Refinance
    • Mortgage Rates
    • Does It Make Sense To Refinance?
      • Get Your Refi Paperwork In Order
    • How To Pay Off Your Loan Faster
    • How To Remove PMI
    • How Lenders Price & Quote Loans
  • Loan Programs
  • Payment Calculator
    • Mortgage Affordability Calculator
  • Blog
  • Videos
  • Scott Sheldon
    • Scott Sheldon
      Senior Loan Officer
      NMLS ID# 287389
      Direct: 707 217-4000
      Scott.Sheldon@nafinc.com
      Specializing in Residential Home Loans for Primary Residences, Second Homes, Investment Properties, Single Family Homes, Condos, PUDs, 1-4 Units.

Get Your Latest Rate Quote Now!

Higher FHA Loan Limits ARE Back !!!!!!!!!!!!

December 7, 2011 by Scott Sheldon

Share on Facebook
Facebook
Tweet about this on Twitter
Twitter
Share on LinkedIn
Linkedin
Pin on Pinterest
Pinterest
Email this to someone
email
Print this page
Print

The temporary FHA Loan Limits were reduced on October 1, 2011 as Congress elected to not renew them. The county by county loan limits were reduced to original loan limits which were upwards of $100,000 or more less per county.

Congress re-evaluates!

Congress has reevaluated their decision and have agreed to reinstate the previous loan limits beginning January 1 through October 1, 2012 for home buyers and refinance borrowers. This means for purchase and refinance activity and even FHA streamline refinances, the previous loan limits that were in place prior to October 1 will be reinstated beginning in January.

The FHA High Loan Limits take effect January 1, 2012!

What to do if you’re presently involved in a purchase contract:

  • If you can, move the closing until the middle or end of January.
  • Talk to your real estate agent
  • Make sure you can qualify for the mortgage with a higher loan limits

What to do if you’re presently involved in a refinance situation:

  • Put the transaction on pause, till January
  • Make sure you have a conversation with your mortgage lender that you will be eligible for the program
  • If needed, finish getting the appraisal ordered (appraisals are typically good for a period of three months)

Get a mortgage rate quote today on an FHA Loan with a higher loan limits. While it is true the program will be eligible for borrowers beginning in January there is no harm in getting a rate quote now to begin your mortgage shopping for the best possible terms and fees. The higher FHA Loan limits are back!

 

 

 

 

 

 

 

 

 

 

 

 

 

Related Mortgage Advice from Scott Sheldon

  • Understanding Conventional Vs. Conforming Mortgage Loans

    People lining themselves up for home buying or even current homeowners who have not taken…

  • Conventional Mortgage Loan Updates

    Getting conventional financing? How about a 15 year fixed-rate mortgage or a 30 year fixed-rate…

  • be careful getting a mortgage with a bankruptcy
    FHA loan limits for 2017 rise

    Just before Thanksgiving the Federal Housing Finance Agency released the conforming loan limits change for…

  • New Sonoma County Loan Limits!

    For those of us who have been watching Congress over the last few months hoping…

Filed Under: Loan Programs, Underwriting Guideline Updates

SCM on Zillow

Zillow Reviews for Scott Sheldon, New American Funding

SCM on Facebook

SonomaCountyMortgages.com

Location & Contact

Scott Sheldon, Senior Loan Officer
NMLS ID# 287389
1450 Neotomas Ave Suite 115
Santa Rosa, CA 95405
1-707-217-4000
Email Us!

Copyright 2019 SonomaCountyMortgages.com · About Us · Sonoma County Loans · Privacy Policy · Terms Of Use · Legal · Site Map

NMLS Consumer Access © New American Funding. All rights Reserved. NMLS ID#6606.
Corporate Office 14511 Myford Road, Suite 100, Tustin, CA 92780. We at New American Funding take great pride in our customer service and make it our number one priority. We encourage you to contact us for complaint resolution or any post-closing questions you may have regarding the servicing of your loan. We strive to have your experience with New American Funding a stellar one. In the rare case that our service did not meet your expectations, please call our customer care hotline at 1-800- 450-2010, ext. 7100 or you may contact us by email customerservice@nafinc.com. Please leave a detailed message and we will follow up with you no later than the end of the next business day.

State Licensing | Privacy | Terms of Use | Electronic Consent Agreement

Connect With Scott In Your Inbox

Looking for a home? Real estate insider? Get connected with Senior Loan Officer Scott Sheldon. Scott stays updated on the latest in the mortgage industry, so you can stay updated with him!