Loan Limits | NC FHA Expert

Cash Out of Home with FHA Refinance

Do You Have Cash in Your Home? Have you heard the joke about the way you see your house, and the way the tax guy sees it and the way your appraiser sees it?

Well, it’s pretty funny… because everyone has a difference perspective!

If you believe you have some equity in your home, and you would like to take cash out, FHA might be your best bet! Not on a home like the one above (of course), the maximum FHA loan in Wake County is now $271,050… but FHA now allows you to cash out up to 95% of the value of the home!

FHA allows you to use this money for investments, to take a vacation, pay off bills, home improvements… almost anything you need! Some folks think rates will be at 4.5%! To find out how to get your 4.5% mortgage - click here!

Call us for details, and the current interest rates! Steve and Eleanor Thorne, Corporate Investors Mortgage Group, 919-649-5058.

FHA Loan Limits Change 1/1/09

We're Not Kidding According to the Mortgagee Letter Published this week, HUD is changing the Maximum Loan Limit for Wake, Johnston, Franklin and Harnett Counties. The change is based upon our average sales price, which has dropped a bit per National Association of Realtors, on Page 48 of their 88 page report – the Triangle will be in for this change at the beginning of the year. (access the report here)

Because our median sales price is lower – our FHA loan limit will go to $271,050 on January 1, 2009. This means that at the end of the year, the maximum loan in Wake County, Franklin, Harnett or Johnston is $271,050 – down from the current maximum loan of $295,000. These calculations are based on the Housing Bill that passed Congress in August. Orange, Person and Durham Counties stay at their current limit of over $336,000!

UPDATE: In February of 2009 – the FHA raised the limits back to the $295,000 limit! Talk about CONFUSING!

The downpayment requirements for FHA also change at the end of the year, and if you’re buying that means you will be putting 3.5% starting on January 1st.

If you have questions about qualifying for a mortgage loan, or you want to check rates and see if we can beat what your loan officer is quoting you – call us!