Excerpt from Bottomline on The News:
Large mortgages are easier to get under new rules, we hear from banking expert Greg McBride, CFA. Congress has authorized the Federal Housing Administration (FHA) to guarantee mortgage loans as large as $729,750 from private lenders in the most expensive regions of the US, up from a limit of $625,500. An FHA-backed loan can require a down payment as low as 3.5% but charges insurance premiums that add to borrowers’ costs. To find an FHA lender in your area, go to www.hud.gov/buying/loans.cfm.
Written by Greg McBride, CFA.