2009 FHA Guidelines Have Changed

Good News ~ There are new FHA Loan Limits for some counties!

Boone ~ Winnebago 2009 Limits have gone up!
1 Family ~ 339,250
2 Family ~ 434,300
3 Family ~ 524,950
4Family ~ 652,400

McHenry ~ Cook ~ Dupage ~ Grundy ~ Lake ~ 2009 Limits have gone down
1 Family ~ 365,700
2 Family ~ 468,150
3 Family ~ 565,900
4 Family ~ 703,250

~ New Down Payment Requirements ~

The minimum down payment has increased from 3% to 3.5%

NEW GUIDELINES FOR 2009
ON FHA GOVERNMENT INSURED LOANS

Buyers are still allowed to get up to 6% from a seller to go towards Closing Costs,
but none of this can count towards the down payment funds.

The funds for down payment can still consist of :
Buyers Own Funds
Gift Funds from family or close friend
401K loans / withdrawals
Secured Loans
Sale of personal items ( cars, bikes, etc) with a bill of sale receipt
Buyer paid closing costs can no longer be considered as part of the 3.5% minimum.

New Requirements for
Cash Out Refinances

If the LTV exceeds 85%, FHA requires a Second full appraisal be performed on
the property. The maximum LTV for a Cash Out still remains at 95% as long as the
property value is supported by both appraisals.

Please don't hesitate to call or email me
if you have any questions!
Mary Opfer