Finance more with FHA.

As a result of the American Recovery and Reinvestment Act of 2009 (ARRA), which was signed into law on February 17, 2009, the Federal Housing Administration (FHA) has increased their loan limits for 2009!  To read the most recent Mortgagee Letter 09-07 released on February 24th (along with Mortgagee Letters from previous years), please visit:

http://www.hud.gov/offices/adm/hudclips/letters/mortgagee/2009ml.cfm

Also, for a complete schedule of FHA loan limits in your current area, please click below:

FHA Mortgage Limits

For the 7 county metro area of Minneapolis and St. Paul, including Hennepin County, the FHA loan limit has been increased back up to $365,000 (up from $318,550).  This means with a 3.5% down payment (required by FHA in most cases), you could purchase a $378,000 home!  This is going to help a lot of Pre-Approved homebuyers in Maple Grove, Plymouth, Rogers, Champlin and the surrounding areas in Minnesota.

Please, call us if you have further questions regarding this change.

I’m sure most of us would say that if a bailout came our way, we’d take it.  We’re sure not complaining about the $8,000 First-Time Homebuyer Tax Credit, now are we?  But let’s put things in perspective for a moment…

“You cannot legislate the poor into freedom by legislating the industrious out of it. You don’t multiply wealth by dividing it.

“Government cannot give anything to anybody that it doesn’t first take from somebody else. Whenever somebody receives something without working for it, somebody else has to work for it without receiving.

“The worst thing that can happen to a nation is for half of the people to get the idea they don’t have to work because somebody else will work for them, and the other half to get the idea that it does no good to work because they don’t get to enjoy the fruit of their labor.”

(From Ten Secrets for a Successful Family , by Dr. Adrian Rogers)

Just a little food for thought.  Work hard and enjoy your day.