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FHA Loans --
More Attractive
Than Ever. |
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| FHA Loans > Enhanced Guidelines for 2010 |
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FHA loans are mortgages that are insured by the Federal Housing Authority (FHA). The FHA has recently enhanced its loan program to better meet home buyer's needs with higher loan limits, competitive interest rates and more flexible credit standards.
Buying Benefits
- Loan amounts up to $729,750 in certain markets.1
- Competitive interest rates, including the lowest annual (1%) and lifetime (5%) caps for ARM loans in the industry
- Flexible credit standards and no income limits
- Ability to use gift funds for a down payment, as well as down payment assistance programs
- Up to 6% seller contrbution towards closing costs or temporary rate buydown
- Renovation and limited repair programs provide funds to fix-up the property
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Selling Benefits
- Assumption feature provides option for buyers to take over the existing interest rate and remaining loan term
- Renovation and limited repair programs create appeal for buying fixer-upper properties
- The interest rate buydown option gives the seller more negotation tools
- Allows up to 6% in seller concessions to cover closing costs or temporary interest rate buydown
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2010 FHA Loan Limits1
Loans most close and fund on or before December 31, 2010.
Minneapolis/St. Paul, MN - WI
(Anoka, Carver, Chisago, Dakota, Hennepin, Isanit, Ramsey, Scott, Sherburne, Washington & Wright Counties in MN, Pierce & St. Croix Counties, WI) |
| 1 Family |
2 Family |
3 Family |
4 Family |
| $365,000 |
$467,250 |
$564,800 |
$701,900 |
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All other Minnesota Counties
(Including Dodge, Olmsted, Wabasha, Goodhue)
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| 1 Family |
2 Family |
3 Family |
4 Family |
| $271,050 |
$347,000 |
$419,400 |
$521,500 |
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Wisconsin
(Columbia, Dane, Iowa & Racine Counties)
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| 1 Family |
2 Family |
3 Family |
4 Family |
| $293,750 |
$376,050 |
$454,550 |
$564,900 |
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Wisconsin
(Milwaukee, Ozaukee, Washington & Waukesha Counties)
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| 1 Family |
2 Family |
3 Family |
4 Family |
| $315,000 |
$403,250 |
$487,450 |
$605,750 |
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Wisconsin
(Kenosha County)
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| 1 Family |
2 Family |
3 Family |
4 Family |
| $410,000 |
$524,850 |
$634,450 |
$788,450 |
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All other Wisconsin Counties
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| 1 Family |
2 Family |
3 Family |
4 Family |
| $271,050 |
$347,000 |
$419,400 |
$521,250 |
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1FHA loan limits vary depending on your geographical location. Increased FHA loan amounts are only available on loans approved by December 31, 2010. Contact your home mortgage consultant for details. Information is subject to change without notice. |
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