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The FHA loan limits for 2009 have been released.  So what are the new maximum limits for 2009 FHA for New York state?  Here is a list by county, and the number of units:

Bronx County NY $625,500-1 unit, $800,775-2unit, $967,950-3unit, $1,202,925-4 unit

Kings County NY $625,500-1 unit, $800,775-2unit, $967,950-3unit, $1,202,925-4 unit

Nassau County NY $625,500-1 unit, $800,775-2unit, $967,950-3unit, $1,202,925-4 unit

New York County NY $625,500-1 unit, $800,775-2unit, $967,950-3unit, $1,202,925-4 unit

Putnam County NY $625,500-1 unit, $800,775-2unit, $967,950-3unit, $1,202,925-4 unit

Queens County NY $625,500-1 unit, $800,775-2unit, $967,950-3unit, $1,202,925-4 unit

Richmond County NY $625,500-1 unit, $800,775-2unit, $967,950-3unit, $1,202,925-4 unit

Rockland County NY $625,500-1 unit, $800,775-2unit, $967,950-3unit, $1,202,925-4 unit

Suffolk County NY $625,500-1 unit, $800,775-2unit, $967,950-3unit, $1,202,925-4 unit

Westchester County NY $625,500-1 unit, $800,775-2unit, $967,950-3unit, $1,202,925-4 unit

Dutchess County NY $356,500-1 unit, $456,350-2unit, $551,650-3unit, $685,550-4 unit

Orange County NY $356,500-1 unit, $456,350-2unit, $551,650-3unit, $685,550-4 unit

Want to look up the maximum FHA loan for 2009 somewhere other than New York, use this page at HUD and find the maximum loan amounts nationwide.

The FHA loan limits for 2009 have been released.  So what are the new maximum limits for 2009 FHA for Connecticut?  Here you go:

Fairfield County CT - $511,750-1 unit, $655,150-2unit, $791,900-3unit, $984,150-4 unit

Litchfield County CT - $357,650-1 unit, $457,850-2unit, $553,450-3unit, $687,800-4 unit

Hartford County CT - $320,850-1 unit, $410,750-2unit, $496,500-3unit, $617,000-4 unit

Middlesex County CT - $320,850-1 unit, $410,750-2unit, $496,500-3unit, $617,000-4 unit

Tolland County CT - $320,850-1 unit, $410,750-2unit, $496,500-3unit, $617,000-4 unit

New Haven County CT - $305,900-1 unit, $391,600-2unit, $473,350-3unit, $588,250-4 unit

New London County CT - $280,600-1 unit, $359,200-2unit, $434,200-3unit, $539,600-4 unit

Windham County CT - $271,400-1 unit, $347,450-2unit, $419,950-3unit, $521,900-4 unit

Want to look up the maximum FHA loan for 2009 somewhere other than Connecticut, use this page at HUD and find the maximum loan amounts nationwide.

Apparently the though of buying a new home and letting your old one go has crossed the mind of a few people recently.  Who knew…  Until September 19, 2008 when FHA released Mortgagee Letter 2008-25, they didn’t have a formal policy on this practice except that you had to qualify for the mortgage either by qualifying for both payments, or having a valid lease.

What changed? Well when there is a conversion of a primary residence to rental one of the following must be the case.

1. They need to qualify based on both payments.  No credit will be given to the borrower for any “rental” income the receive from the previous property.  This is the easiest way, but also the hardest.  Since there is no other qualifier than simply affording the two payments it makes it clean, yet most FHA borrowers do not have the income to do this.

2. The current residence must have a loan to value under 75%, determined by an appraisal less than 6 months old, or a HUD-1 from the purchase.

3. The borrower is relocating due to a new job place.  For this, the new job must be further than a reasonable commute at the underwriters discretion.  So make sure it is more than 10-15 minutes guys.  Try a couple of hours, think the home is in a new state.  The borrower must have a fully executed lease which is for at least 12 months past the closing of the new house.  They borrower must document the receipt of the security deposit, or first months rent from the renter.

I got an email today “Watch out for identity theft”, almost didn’t want to open it, it was marked that it had an attachment and I figured it was up to no good, but it was from someone I trust, so…  Here is what I found, a little humor.

Scroll down to see all of the pictures.

The last one is my favorite.  You always have to watch out for the wolf in sheeps clothing when it comes to identity theft.  Hope you agree that it was worth opening this email today!

Check out these other posts on GetMeApprovedToday about identity theft: Shred These Documents: 20 Documents You Must Shred! and Identity Theft Resources - The tools you need.

God Bless Our Foreclosed Home

I was having some fun surfing around today and decided to search Flickr for the word “foreclosure” and see what kind of pictures there might be there.  Saw this “sampler” and thought it was pretty funny.

Here are some stories about foreclosures you might want to check out: How To Avoid Foreclosure 4 Options, Foreclosure Rescue Scams.