GREAT NEWS!! This just in: FHA raises limits. This means great things for buyers and sellers!
I am extremely excited to annouce to all of you that the market is on it's way back! As of 11:00am today it was announced that FHA was raising the limits for certain counties (including Georgetown & Horry Counties) which means you can get a bigger loan with less money down and it's easier to qualify for a loan than it was even a year ago. Many will be calling this the "new subprime". You can now borrow up to $395,000 in Georgetown County (286,250 in horry county) with only 3% down, no minimum credit score, you can use alternitive credit, and most importantly you can realize your dream!! This is great news for sellers as well because this will help to flood the market with buyers!!!
These are some emails I received earlier from trusted mortgage lenders and friends in Horry and Georgetown Counties:
Jake, Great News! HUD has just raised the FHA loan limits in Georgetown and Horry counties. This means that borrowers who could not qualify for a number of reasons may now be qualified borrowers at great 30yr fixed rates. Please re-visit your database and spread the word. This is going to give a much needed boost to the housing market as it will flood the market with qualified buyers. You may even see house prices stabilize as alot of homes that have been sitting idol on the market will be scooped up.
Horry County - $286,250 Georgetown County - $ 395,000 Mike Hogue, Senior Loan Officer WR Starkey Mortgage
Great News!!!!!!
FHA limits have increased to almost 300,000 in Horry county and almost 400,000 in Georgetown county! This allows prospective borrowers get into more expensive homes with less money down. Also, the credit scores are much more relaxed than Fannie/Freddie programs. Search your database, people that couldn't get a loan before may be able to get a great deal now. This is the miricale everyone has been waiting for!!
|