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February 26th, 2009 4:39 PM by David W. Welch
Last year FHA loan limits here in Orlando were raised temporarily to $353,750. As of January 1st of 2009 the limit dropped back down to $274,750. I just heard today that we are back up to $353,750. About 3/4 of Orlando real estate is now within the FHA limit. Some people think that FHA can only be used by first time home buyers, or can only be used once. FHA is not just for first time home buyers, it is for anyone who may need the benefit of the doubt when purchasing a home. FHA does not have minimum credit score requirements, nor do they require 5%, 10% or 20% down payments. Just 3.5% down gets you into a home with an FHA mortgage. Also, with FHA the seller can contribute up to 6% of the purchase price toward your closing costs.
David Welch, Real Estate Optimist