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FHA & VA

Changes that went into effect on October 1, 2011.

DEPARTMENT OF HOUSING AND URBAN DEVELOPMENT

FHA

Legislation was not enacted to extend the current Temporary Loan Limits

Federal Housing Administration’s (FHA) Maximum Loan Limits Effective

October 1, 2011.

Maricopa County - from $346,250 to $271,050.

Coconino County - from $450,000 to $362,250.

All other Arizona counties the limit is now $271,050.

The maximum loan limit may be exceeded in a FHA to FHA refinance.

DEPARTMENT OF VETERAN AFFAIRS

VA

DEPARTMENT OF VETERAN AFFAIRS announced changes in Funding Fees effective October 1, 2011

                                            First Time Use    Subsequent Use

            Down Payment     Current New         Current New

Regular 0.00%-4.99%        2.15% 1.40%         3.30%  2.80%

Military 5.00%-9.99%        1.50% .75%           1.50%  .75%

             10% or more         1.25% .50%           1.25%  .50%

Reserves/ 0.00%-4.99%     2.40% 1.65%         3.30%  2.80%

National 5.00%-9.99%        1.75% 1.00%         1.75%  1.00%

Guard   10% or more             1.50% .75%           1.50%  .75%

VA to VA refinance (IRRRL) is now .50% for all.