Before I break in the bad news, know that there is a fantastic 100% financing program still available if you are interested in living in the rural area. Homes in SANDY, Oregon QUALIFY! It’s called the “USDA Rural Housing Program”. Now to the unfortunate news. More changes around the corner-
- Fannie & Fred are changing the “debt to Income ratio” requirement to 45%. Effective early December.
- FHA is changing credit score eligibility from 580 to 620. Effective 1/1/09
- FHA down payment to change from 3% to 3.5%. Effective 1/1/09
- FHA monthly mortgage insurance will go from .50 to .55. Effective 1/1/09
In summary, if you are sitting on the fence waiting for home prices to reduce you may miss the lending boat.
For further lending info: Chris Holloway @ Cell Phone: (503) 490-6682
Chris is pictured to the right!
Tags: 100%, FHA, financing, Lending, loans, Sandy, sandy oregon, USDA Rural Housing program