Thinking about applying for the new HARP Refinance Program? You could be making a decision that will save you thousands of dollars a year on your mortgage payments.  MCity can help get you on the right track to qualify for the new HARP refinance program.  The big banks may be feeding you information to keep you unmotivated to refinance. So we’ve compiled a convenient list of 5 basic facts that your lender doesn’t want you to know.

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With the new HARP 2.0 refinance mortgage qualifications, millions more underwater Americans have the opportunity to refinance and save their homes.  The sad truth is that 9 out of 10 eligible homeowners will not take advantage of the program’s offerings because they do not realize that they qualify.  Those homeowners are missing out on vast savings.

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It’s that time of the year again–tax season. Are you thinking about using your refund to go on a cruise to Tahiti?  Well, most people might do that, but for the same cost of you and your partner taking that seven day cruise, you could be putting a small down payment on the home of your dreams. Did you know that you can put as little as 3.5% down on your new home? It’s true if you meet the Florida FHA loan requirements and obtain Florida FHA loan approval.

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First time homebuyer? Not really grasping the whole FHA Loan thing? Don’t worry dear, you’re not alone and MCity can definitely help clear things up. Many first time homebuyers don’t know the FHA lending loan limits and restrictions but this mystery will soon be solved!

What Are the Standard FHA Lending Loan Limits and Restrictions?

So, What are the lending limits for an FHA loan you ask? Well, here’s the skinny: While most of the loan limits and restrictions are partially dependent on your state, some basic facts will always remain the same.

•FHA can insure loans up to 115% of your county’s median house price. Too much math for you to figure out? It’s quite alright, Mcity can figure out the numbers for you. Just give us a call…or an e-mail!

•The loan must be used for the purchase of a primary residence. Hello, first time homebuyers. I think opportunity just came knocking!

•Credit history, employment, and income also play a role in FHA loan qualifications. Most first time homebuyers really stress over this part but there’s no need to, Mcity can compile and review all of your finances and get you on the fast track to obtaining an FHA Loan of your own. We’ll take care of everything!

•You must also be a U.S. citizen or Legal Resident to qualify… Ok, so maybe not everything.

There are a few more FHA Lending Loan Limits and restrictions but those were the big ones. For a more detailed look at what the lending limits for and FHA loan are, or just want the skinny on MCity visit our site. Not too keen on reading? There’s a solution for you too. Give us a call and speak with one of our loan specialists! With mortgage rates as low as 4% for 30yr fixed, the time to buy really is now and MCity wants to help make your dream home purchase a reality!

The Board of Governors of the Federal Reserve System released a report, on January 4th, entitled “The U.S. Housing Market: Current Conditions and Policy Considerations.” The report declared that restoring the U.S. housing market is necessary for economic recovery. Among the policies they delve into as possible aids to the restoration of the housing market, is the revised HARP loan program(HARP 2.0).

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