- To keep up with increasing home prices, the new maximum amount allowed to borrow is up to $362,790 which was a $50,000 increase. There is another proposal to increase the amount to $417,000 in certain high cost areas.
- Certain items on inspection reports were required to be fixed prior to closing even cosmetic issues. Now only structural or safety issues are require to be fixed.
- Obtain a FHA 203k loan will allow the borrower to borrow up to $35,000 in repairs to be completed after the closing. Borrowers can now replace worn-out appliances and carpet without the need for a second more costly mortgage.
It is still wise for a buyer to try to obtain conventional mortgage if they can. Courtesy Orlando Sentinel 7/9/06.