Mortgage Changes Effective January 1st 2009

Here are some mortgage changes we will see in the coming new year.

FHA Loans

1. Maximum loan amount for Fresno area $281,750
2. Minimum down payment will be 3.5%
3. Monthly mortgage insurance .55%
4. Up front mortgage insurance premium 1.75%

Conventional Conforming Loans (Fannie Mae and Freddie Mac)

1. Maximum loan amount remains at $417,000
2. 6 month seasoning required for all cash-out refinances
3. Total number of financed properties is four