Buyers if you are planning on using any of this financing, know that there is a deadline now.
-Higher permanent loan limits for conventional conforming and FHA will become effective Jan. 1st, 2009; the Act calls for limits to increase to a maximum amount of $625,500, depending on the metropolitan area. Note: The temporary limits established in March will expire on Dec. 31, 2008.
-The VA guaranty will increase
-Minimum cash investment for FHA loans will increase to 3.5%
-A moratorium on risk-based pricing for FHA loans will go into effect Oct. 1, 2008.
-Seller-funded Down Payment Assistance Programs with FHA loans will be terminated Oct. 1, 2008.
-Up to $7,500 dollar Tax Credit for First Time Home Buyers.