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Updated Lending Info

John Fenech’s
Lending Reminders:

FHA Financing
• FHA maximum loan in Tampa Bay $292,500
• FHA down payment needed from borrower 3.5%. All of this can come from a family gift.
• FHA seller concessions currently at 6% of purchase price
• FHA processing time for SLS is approximately 30 days.
• Owner occupied only

VA Financing
• Maximum loan amount in Tampa Bay $417,000
• 00000 money down required
• Closing costs and prepaids can be paid by seller to 4%
• Limit borrowers escrow money because normally no money allowed back.
• Owner occupied only

Conventional
• Maximum loan amount is $417,000.
• Minimum down payment is 95% loan to value
• Borrower MUST have their own 5% into the transaction prior to gifts being used unless the gift is 20% of the purchase price or more.
• Rate adjustments for loan to value and credit scores
• Owner occupied, second homes, investor loans.

For more info on lending requirements call John at 727-827-1818