Dayton Ohio Real Estate and Mortgages Information

Beginning March 7th there is new buying power in Dayton Ohio Real Estate.  The Department of Housing and Urban Development, HUD, has authorized the raising of loan limits to $271,050 to $729,750 in high cost areas.  Dayton Ohio Mortgage Brokers should all be able to offer these new limits to potential buyers.

Robert C Weaver Federal Building that houses HUD in DC

Dayton Ohio Mortgage Brokers See Increased Dayton FHA Mortgage Limits

The new loan limits will effect all counties surrounding Dayton Ohio.  Dayton Ohio Mortgage Brokers are now able to offer the following new Dayton FHA Mortgage limits for these areas:

• Montgomery County - $271,050
• Greene County - $271,050
• Butler - $337,500
• Warren County - $337,500

These counties will include these neighborhoods: Centerville, Springboro, Washington Township, Dayton, Kettering, Oakwood, Bellbrook, Sugarcreek, Beavercreek, Fairborn, Franklin, Middletown, Waynesville, Xenia and several more.  For a complete list of Counties in Ohio visit Hud's website.

For more information on several of these communities you can visit: Dayton Ohio Communities.

What does this mean for Dayton Ohio Real Estate?

This temporary increase in the Dayton FHA Mortgage limits should enable Dayton Ohio Mortgage Brokers to offer more stable loans to borrowers.  It will help to provide economic stability to Dayton Ohio residents and also hope to bring some much needed relief to the Dayton Ohio Real Estate Market.  This should inject much needed liquidity into the Dayton Ohio Real Estate market.

As a Dayton Ohio Mortgage Broker I am able to offer loans with the new Dayton FHA Mortgage limits like this but also FHA mortgage secure loans that help homeowners in trouble.  If you are a homeowner in trouble there are many options to help save your home or simply save your credit from the negative effects of a foreclosure.  One of these options is a short sale, take a look at Dayton Ohio Short Sale Steps for more information.

Dayton Ohio Real Estate has been hard hit by lack of reform in the FHA mortgage department.  This increase in the Dayton FHA Mortgage Limits is the first step.  The Bush administration has turned to FHA mortgages to help bail out many on trouble borrowers.  They have also looked to reform the mandatory  3% down payment into 1.5%.  Dayton Ohio Real Estate has never seen the kind of growth that many areas of the US has seen which on a positive note means that we will not see the kind of depreciation that some of the US is seeing.  However Dayton Ohio Real Estate foreclosures still rank in the to 20 US cities, see Dayton Ohio Real Estate-Forelcosure Update for the most up to date numbers.

Read More at:  US Senate May Expand FHA Mortgages.

Dayton Ohio Mortgage Broker FHA Mortgage Requirements

There are many things that a Dayton Ohio Mortgage Broker will need to help you qualify for a new Dayton FHA Mortgage Limits FHA Mortgage, see the list below for some of the requirements for a Purchase of Dayton Ohio Real Estate:

1. Provable income
2. Good to average credit history for the past 12 months
3. No Chapter 7 Bankruptcy for the past 2 years or must have been in you Chapter 13 Bankruptcy for at least 1 year.
4. Verifiable housing expense

These are just a few of the things that you must have to qualify for a new Dayton FHA Mortgage Limits FHA mortgages.  FHA mortgages are also very flexible with credit history.  If there is a good explanation for something that has happened and it can be documented than an underwriter must take that into account when looking at your file. 

How can you refinance your Dayton Ohio Real Estate onto an FHA Mortgage?

An FHA Mortgage can be a great alternative for a refinance with a Dayton Ohio Mortgage Broker especially with the new Dayton FHA Mortgage Limits.   If you are currently in an FHA Mortgage you can refinance without any documentation to get a lower rate.  If you need cash out to pay of debt or do some home improvement and you have owned your home for more than a year than an FHA mortgage with the new Dayton FHA Mortgage Limits may be a great option.

If you have additional questions about an FHA mortgage and the new Dayton FHA Mortgage limits please contact me at Laura@markryangroup.com or you can apply now. 

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As always, thanks for reading and please feel free to contact us with any questions at 937-353-4600 or Mark@MarkRyanGroup.com