Virginia Beach – http://rebarcamp.com/vabeach/
I will be helping out an amazing event that is coming down to Virginia Beach.
The event is geared towards the Real Estate Professional community and all other industry niches geared towards Marketing, Technology and Social Media. If you are a business professional in the Tidewater Area, you might want to come register to reserve your spot in this great event.
- Who: Any Real Estate Professional and industry experts who have a DRIVEN desire to LEARN and SHARE
- What: Open session gathering of experts in Real Estate, Marketing, Technology and Social Media. This event is FREE
- When: 10am – 4pm Thursday, July 16th, 2009
- Where: Buffalo Beach Hilltop Plaza
1725 Laskin Road, # 501
Virginia Beach, VA 23454
- Why: REBarcamps are great events where industry experts around the nation gather to participate in Learning, Sharing, Networking and Motivating. Expect a highly anticipated Engaging and Fun event to improve our overall success in our business.
Register and Reserve your spot here for free http://rebarcamp.com/vabeach/?page_id=7
VHDA Changes to Maximum Qualifying Ratios
New Changes to the Maximum Debt to Income Ratio 50.00% for all VHDA Loans which was upped from 43%. This will allow more people to qualify with limited income. This is great news! Below are the official changes taking place Feb 2009.
All VHDA loans (including FHA, VA, RHS, PMI or uninsured loans) will be limited to a maximum of 50.00% debt to income ratio when using an automated underwriting Approve/Eligible Decision.
Stated program ratio guidelines will apply for manually approved loans. This new restriction is effective for loan reservations made beginning February 1, 2009.
FHA Plus: (103% Financing)
VHDA will continue to accept FHA Total Scorecard approvals for FHA Plus with the following limitations:
Loans may exceed FHA’s standard ratio requirements of 31% payment to income and 43% debt to income (to a maximum of 50% debt to ratio) only if the applicable credit score is 620 or above.
Credit scores below 620 and non traditional credit must adhere to the maximum 31%/43% FHA program ratios.
This new requirements are effective with loan reservations made beginning February 1, 2009.
Reminder: FHA Changes Effective Jan 1st 2009 Highlights
- Maximum LTV Financing: The required cash down payment will be 3.5% of the appraised value or the sales price (whichever is less). Closing costs may not be used to meet the minimum 3.5% cash down payment requirement.
- Maximum base mortgage amount: For purchase loans, the maximum base mortgage loan amount will be 96.5% of the appraised value or the sales price (whichever is less). (Upfront Mortgage Insurance Premiums (UFMIP) may still be financed in the loan)
- Maximum refinance LTV amount*: the maximum refinance LTV will be 97.75% of the appraised value. This LTV will replace the High-Cost/Low-Cost Factors in the maximum loan calculations.
Note: although a Mortgagee Letter has not been published as of the deadline for this article, the FHA previously indicated that 97.75% LTV will be published and effective on Jan 1, 2009. Any other changes announced in the Mortgagee Letter will be analyzed and communicated as soon as possible.
Note:At this time, the revised LTV does not impact: 203(h) for disaster victims & HUD 184 for Native American loans
Posted in 1st Time Home Buyer, FHA, Mortgage, News, Tips
Tagged 2009, Changes, FHA, Guidelines, LTV, Mortgage, Purchase, Refinance