From the only lender where your contact person is the UNDERWRITER - the one person who can make a promise to approve a loan and guarantee to keep that promise.
No originator or loan officer can do that for you...
FHA LOAN LIMITS
OKALOOSA ,WALTON & SANTA ROSA COUNTY $160,176
- 2 UNITS....ALL COUNTIES....$205,032
- 3 UNITS....ALL COUNTIES....$247,824
- 4 UNITS....ALL COUNTIES....$307,992
effective date: 1/01/04
| Effective Maximum Loan Size Limits for 2004 (as of 12/31/2003) | |
| Conforming (FNMA/FHLMC): | $333,700 |
| FHA (not including the Up-Front Mortgage Insurance Premium) | $160,176 |
| VA - INCLUDING FUNDING FEE - Downpayment of 25% for amount over $240,000 (assuming full Entitlement); e.g. $10,750 down for $283,000 price. | $333,700 |
AVERAGE REJECTION RATE FOR CONVENTIONAL LOANS FOR ALL LENDERS NATIONWIDE: 29%.
BAKER AND LINDSEY'S IS 1%.* FHA DENIAL RATE IS 15.3% (OURS IS 4%).
*Base upon data submitted to HUD as part of HMDA report.
PROHIBITED CHARGES FOR BUYER: VA - DEED STAMPS, TERMITE INSPECTION, AND SOMETIMES,LENDER CHARGES AND ATTORNEY OR CLOSING FEES (THE TOTAL OF THESE CHARGES PLUS ANY ORIGINATION FEE CANNOT EXCEED 1% OF THE LOAN).
FOR FHA: LENDER CHARGES, AND MORE THAN ONE INSPECTION FEE FOR FHA REQUIRED REPAIR.
VA APPROVED CONDOMINIUMS IN OKALOOSA COUNTY: Cedars/Commodore's Landing/Country Club/Elm Place/Finesterra
Fountainhead/Green Meadows/Heron's Landing/Mossy Cove/Park Place/
Pier One/Spanish Villas/Waymar.
NOTE: From time to time, new condos are added, so check with us if you have something working in a project not listed here.
RE-AMORTIZATION OF FIXED RATE LOAN WHEN A LUMP-SUM PAYMENT TO PRINCIPAL IS MADE: FNMA permits the servicer to lower the payments of a fixed rate loan if the borrower makes a substantial payment to principal. Terms vary among servicers, both as to the fees charged and as to what constitutes "substantial". From what I can find out so far, this re-amortization can be done only once in the life of the loan, the charge is from about $150 to $300, and "substantial" is defined variously as from $10,000 to 20% of the outstanding balance.
In any event, what the above means is that a Borrower can have his/her loan payments reduced after paying a large principal payment, e.g. after the sale of real estate, from an inheritance, etc. on a fixed rate loan, something just about everyone thought could at best be rarely done. In fact, it is commonly available. So, if a lender tries to tout this capability as a big deal, know that it is not.
NOTE: If you want additional reference information or anything added to the
page, just let us know. We will happily update it quickly to make the reference
easier and better for you.