Borrowers wrestle with new FHA rules, Hulk Hogan wrestles with a house he can’t seem to sell  

New rules go into effect October 1 that may squeeze some buyers out of getting an FHA loan. Fannie Mae and Freddie Mac have maximum amounts that they will lend to buyers, and the amount is determined by the median home price where you live.

Fannie and Freddie are dropping the maximum loan amount from $729,750 in high-cost markets to $625,500.  It sounds like a lot of money, but in very expensive markets, it will be a game-changer for some people. They’ll especially feel it when it comes to a down payment; they’ll lose out on the 3.5% down payment that is allowed with FHA loans.

Speaking of losing out – wrestler Hulk Hogan is losing out in trying to sell his Tampa waterfront home.  It’s on the market for $8.8 million. He’s been trying to sell since 2006 and it was once listed for $25 million. Some realtors say the ultra-high end market is a complete dead zone right now.

On this Sunday’s Save Thousands! with Robert Palmer, I’ll give you some tips on how to wrestle your way through today’s challenging housing market.

We’ll also explore some ways to find reputable professionals to work with, whether it’s a lender, title agent or realtor. A big indictment in South Florida this week is a good reminder of how important it is to find experienced, honest professionals that will help you through the home buying or selling process.

Tune in Sunday at 11 am on WDBO 580 AM or WHTQ 96.5 FM and learn how to Save Thousands! Our new FM signal means people as far north as Palm Coast, as far south as Vero Beach and as far west as Dade City and Ocala can now tune in and Save Thousands!