Temporary FHA Conforming Loan limits Extended in 2010-

1 Unit               $729,750

2 Unit             $934,200

3 Unit             $1,129,250

4 Unit             $1,403,400

Tips for Agents to have a  smooth loan transaction (especially on FHA)-

• Talk to me first about creative financing ideas.  We need to set expectations with clients that the loan process has changed.  If your clients are previous home-owners and/or have bought and sold property in the last 10 years, warn them that this process will be unlike any loan they have applied for in the past
• Get clients pre-qualified, credit checked, and income analyzed BEFORE writing an offer
• If your client is getting gift funds, get the money into their account at least 24 hours before the date on the purchase contract; this eliminates sourcing of funds
• Make sure all the utilities are on at the time of the first appraisal.  Appraisers are inspecting all utility systems to ensure functionality
• Be there for the appraisal; treat it like a second inspection.  Even thought appraisers aren’t big fans of pushy realtors, you can be there, I cannot.  Being there with comps, rental comps (for multi-units), and asking if the appraisal will have any conditions will cut down on potential delays.  This will also help you prioritize the repairs you need versus the repairs you want
• Remind your clients NOT to make any large purchases or refinance other properties while working on your FHA purchase transaction.  Underwriters are re-pulling credit at the close of the transaction to verify debts