New Limits

for FHA and VA Loans

As real estate values change, both FHA and VA change the limits on maximum loan amounts. The current picture in Manatee and Sarasota Counties:

• The new loan limit for FHA is $442,500

• For a VA loan on a single-family home, the new limit is $417,000.

• These figures are the maximum amount you can borrow, not the maximum purchase price.

• Fixed rate loans are available, as well as adjustable rate loans.

• FHA permits construction-permanent loans, and in some cases allows manufactured home loans.

• Downpayment assistance is available for qualified buyers using FHA loans, and the 3.5% investment can be a gift. FHA also allows the seller to pay up to 6% in closing costs and pre-paid expenses. First-time buyers receive up to $8,000 in tax credits for homes purchased before December 1, 2009.

• As with all loans, you must qualify based on ability and willingness to repay. FHA does not use credit scoring. VA eligibility also includes service history.

As part of full services to buyers, Rod Rawlings refers you to appropriately licensed professionals depending upon your individual needs and circumstances. Rod continues to monitor your progress and assist you in obtaining the best loan possible. For best results, please discuss your situation with Rod before making application to any lender. There is no cost or obligation.

In addition to the standard Loan Application Form, the following items are important to your loan being processed and completed in a timely manner. Please be prepared to provide the following items if they apply to your situation:

• W-2 FORM(S)

• PAY STUB --- MOST RECENT

• MOST RECENT STATEMENTS (ALL PAGES) FOR BANKS, MUTUAL FUNDS AND IRA'S (INTERNET STATEMENTS ARE NOT ACCEPTED)

• ESTIMATED NET PROCEEDS FROM THE HOME YOU ARE SELLING

• NAME AND PHONE NUMBER OF INSURANCE AGENT

• FEDERAL TAX RETURNS FOR  PREVIOUS 2 YEARS

• COMPLETE COPY OF BANKRUPTCY PAPERS, INCLUDING DISCHARGE

• DIVORCE DECREE AND SEPARATION AGREEMENT

• LEASE AGREEMENTS ON RENTAL PROPERTIES

• PROOF OF CHILD SUPPORT, IF APPLICABLE

• LETTER OF EXPLANATION FOR ANY GAP IN EMPLOYMENT

• VETERAN, FOR VA LOAN -- CERTIFICATE OF ELIGIBILITY AND DD-214

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