for FHA and VA Loans
As real estate values
change, both FHA and VA change the limits on maximum loan
amounts. The current picture in Manatee and Sarasota Counties:
The new loan limit for FHA is $442,500
For a VA loan on a single-family home,
the new limit is $417,000.
These figures are the maximum amount
you can borrow, not the maximum purchase price.
Fixed rate loans are available, as well
as adjustable rate loans.
FHA permits construction-permanent
loans, and in some cases allows manufactured home loans.
Downpayment assistance is available for
qualified buyers using FHA loans, and the 3.5% investment can be a gift.
FHA also allows the seller to pay up to 6% in closing costs and pre-paid
expenses. First-time buyers receive up to $8,000 in tax credits for
homes purchased before December 1, 2009.
As with all loans, you must qualify
based on ability and willingness to repay. FHA does not use credit
scoring. VA eligibility also includes service history.
As part of full services to
buyers, Rod Rawlings refers you to appropriately licensed professionals depending
upon your individual needs and circumstances. Rod continues to monitor
your progress and assist you in obtaining the best loan possible. For best
results, please discuss your situation with Rod before making application
to any lender. There is no cost or obligation.
Mortgage Application Supporting Documents
In addition to the standard Loan
Application Form, the following items are important to
your loan being processed and completed in a timely manner. Please be prepared
to provide the following items if they apply to your situation:
PAY STUB --- MOST RECENT
RECENT STATEMENTS (ALL PAGES) FOR BANKS, MUTUAL FUNDS AND IRA'S (INTERNET
STATEMENTS ARE NOT ACCEPTED)
NET PROCEEDS FROM THE HOME YOU ARE SELLING
AND PHONE NUMBER OF INSURANCE AGENT
FEDERAL TAX RETURNS FOR PREVIOUS 2 YEARS
COPY OF BANKRUPTCY PAPERS, INCLUDING DISCHARGE
DECREE AND SEPARATION AGREEMENT
AGREEMENTS ON RENTAL PROPERTIES
OF CHILD SUPPORT, IF APPLICABLE
OF EXPLANATION FOR ANY GAP IN EMPLOYMENT
VETERAN, FOR VA LOAN -- CERTIFICATE OF
ELIGIBILITY AND DD-214
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