2009 FHA Loan Changes

Well with 2009 right around the corner that means there will be some new changes with FHA loans in 2009.  Here are some of the local details for Wake, Johnston and Durham Counties:

• 3.5% down payment is required and the seller can still pay up to 6% of sales price in closing costs and pre paids
  
• 2009 loan limit for Wake County and Johnston County is $271,050 which is lower than 2008 limit of $295,000.
  
• 2009 loan limit for Durham County is $334,650 which is higher than the 2008 limit of $331,250
  

To learn more about some of the new FHA loans or to speak with one of Biltmore Homes preferred lenders please contact us as we can help you take advantage of the FHA loan program to buy a new home in 2009!