I have had a few clients ask me about these changes, so I thought I would write a post for anyone else who was wondering.
?The new Homebuyer Tax Credit provides an $8,000 credit that will be available to first-time home buyers when they purchase a primary residence between January 1st, 2009 and December 1st,2009. The credit does NOT require repayment.
? Effective immediately, interest rates on condos will be higher when borrower?s are putting less that 25% down. FHA financing is still available with 3.5% down.
? The FHA Jumbo, currently at $506,000, was just approved to increase back to the 2008 limit of $567,500. The conventional loan limit is expected to increase to 567,500, but is not available yet.
? MI (mortgage insurance) companies are changing their guidelines as of March 9th.Most of the MI companies now consider Washington State a declining market which will have an impact on the LTV on both SFR and condos.