How about some good news for a change?

By Judi Hutzler - Mortgage Network

In 2008 you could use FHA financing for a single-family property in the Portland MSA up to $337,500 for a base loan amount.

Come the dawn of 2009 that limit was rolled back to the low $270k's, which meant that there were a whole lot of buyers/borrowers out there not able to use FHA financing.

(Wait, the good news is coming.)

Why did that matter? FHA offers several advantages to the buyer/borrower:

*Borrowers can get into a property for as little as 3.5% down payment*

*100% of the down payment can be a gift from a family member*

*Sellers are allowed to pay up to 6% to closing costs and prepaids*

*FHA is more lenient on credit history*

*Multi-unit properties can be financed with 3.5% down payment*

*FHA loans can be assumable*

*FHA has loan programs for 'purchase plus improvement*

*Base loan amounts to $649,050 for 4-unit properties*

*FHA allows non-occupant co-borrowers*

The good news is that FHA has restored the 2008 loan limits, at least until the end of 2009! Use the information to your advantage.

This news is not 'on the street' yet so you are reading it before the papers know about it.

It's my job to know what's happening in the industry so that I can pass it along to you.

Best,

John

You can reach Judi Hutzler - Mortgage Network @ 207.791.2786 (direct), 207.233.1998 (cell), and e-mail .