*DELAYED* FHA Condo Financing Changes

FHA notice on delay in FHA condominium changes:

Implementation of FHA’s new policy guidance for condominium project approval and condo unit financing will be delayed until December 7^th 2009. The new guidance, to be issued within the next two weeks, will: 1) offer additional leniencies to address the difficult market conditions and 2) augment some portions of FHA Mortgagee Letter 2009-19, providing additional information and clarification.

Until the new guidance takes effect on December 7^th, 2009 lenders may continue to use the Spot Loan Approval guidance issued in Mortgagee Letter 1996-41. Further, the site condo and manufactured housing condo project changes that have already been implemented are not affected by this delay.

To read FHA Mortgagee Letters 1996-41 and 2009-19 please visit: http://www.hud.gov/offices/adm/hudclips/letters/mortgagee/

FIRST SAVINGS MORTGAGE IS ONCE AGAIN OFFERING 5% DOWN PAYMENT FINANCING FOR WASHINGTON DC CONDOMINIUMS AND HOUSES

Gregg Busch does such a super job of keeping us updated on the latest loan products....
Here is a new one just in.....GREAT NEWS!!!!

FIRST SAVINGS MORTGAGE IS ONCE AGAIN OFFERING 5% DOWN PAYMENT FINANCING FOR WASHINGTON DC CONDOMINIUMS AND HOUSES. NO MORE HIGH COST FHA LOANS IF YOUR BORROWER IS WELL QUALIFIED!!!!

FEW IF ANY LENDERS ARE OFFERING 5% DOWN FINANCING UNLESS YOU GO THE COSTLY ROUTE OF FHA FINANICNG!!!!

95% FINANING UP TO $729,750 (CONDOMINIUMS LIMITED TO $417,000 WITH 5% DOWN PAYMENT)

FIRST SAVINGS MORTGAGE CAN STILL CLOSE LOANS UP TO $729,750 WITHIN 1 WEEK!!!!!

WE ONLY WORK WITH LOCAL APPRAISERS THAT KNOW AND LIVE THE IMMEDIATE DC AREA THAT ARE SEASONED!!!!!

I OFFER PRE-APPROVAL LETTERS WITHIN 1 HOUR!!!!!!

CALL FOR DETAILS!!!!!

Gregg Busch
Vice President
First Savings Mortgage Corporation
Direct Line - (703) 883-9580
Fax - (703) 564-4685
Cell - (202) 256-7777
E-mail - gbusch@firstsavings.com

8444 Westpark Drive, 4th Floor
McLean, VA 22102