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FHA Loans up to $729,750!
Find out how to take advantage of this fantastic, limited-time opportunity!
Under the Housing and Economic Recovery Act (HERA) of 2008 passed in July 2008, FHA limits have been increased up to $729,750 - giving homebuyers and homeowners an unprecedented opportunity to take advantage of this powerful program. The maximum amount of $729,750 will only be applicable to extremely high-cost metropolitan areas. Previously, FHA's loan limits in these very high-cost areas were capped at $362,790. |
The Housing and Economic Recovery Act permits loans on amounts up to 125 percent of the
area median house price, when that amount is between the national
minimum ($271,050) and maximum ($625,500). The new minimum and
maximum loan limits are based on 65 percent and 150 percent
of the conforming loan limits for Government-Sponsored Enterprises
in 2009, which is $417,000.
If you are pursuing a cash-out refinance
and the loan balance exclusive of FHA's upfront mortgage insurance
premium will exceed $417,000, the loan-to-value may not exceed
85 percent of the appraiser's estimate of value.
The Mid-Island Mortgage Corp. Difference.
What separates Mid-Island Mortgage Corp. from everyone else is our solid track record and proven stability since 1959. Mid-Island Mortgage Corp. is your personal mortgage banker, regardless of trends and market cycles. While many of the new players to the home mortgage field have abandoned the community, chasing the next "hot market" to take advantage of, Mid-Island Mortgage Corp. is still happily serving you, your family and your neighbors.
Our commitment to the thousands seeking the dream of home ownership is one of the many reasons we say "you always have a home with us!"
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