FHA is Changing
1. Increased mortgage insurance, aka private mortgage insurance which is paid over the life of the loan, will increase from 1.75% to 2.25%.
2. Homebuyers who have a credit score of at least 580 may still be able to purchase a home with 3.5% down, but those with credit scores less than 580 will be required to put down at least 10%.
3. Reduced seller concessions from 6% to 3%. Basically what this means is the person selling the home will now only be able to offer the homebuyers 3% to help defray closings cost.
The bottom line is that the changes will impact some homebuyers more than others.
And as usual, if you or someone you know is considering a move, I can help. It's what I do!
NO ONE Knows Real Estate Better ~ "Helping Families Since 1984!"
Eunice Waller
Prudential Simpson & Associates
http://www.fredericksburghomesource.com/
http://eunicewaller.blogspot.com/
http://www.trulia.com/blog/eunice_waller
http://activerain.com/blogs/therightagent
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