My New Blog

FHA has a new program called "Secure" to assist homeowners who may be in trouble due to an adjustible rate mortgage adjusting to a higher payment that the property owners cannot afford. The borrower must be able to demonstrate that they were paying their mortgage on time and the payment change is the cause of them going into default. The rate will be a little higher than the normal rate for an FHA mortgage but will probably be much better than what the owner is paying currently and the rate is fixed for the life of the loan with the ability to refinance at any time without penalty.

Call me for details on this program or to discuss the new lending limits announced today for FHA. Jim Conway at 800-427-7700.

GOOD NEWS TODAY!!!!!!!

FHA has announced new lending limits nationwide. Lending limits for FHA in the five county Philadelphia have gone from $292,000 to $420,000 for a single family residence, larger loan amounts for 2, 3, and 4 unit properties. Cape May County New Jersey has been increased to $487,500.