DON'T MISS OUT ON THE $8000.00 TAX CREDIT FOR BUYING A HOME!

HOMEBUYERS SITTING ON THE FENCE SHOULD KNOW THIS!
Currently FHA has been playing a large role in home mortgage lending. The relatively easy-to-qualify-for and low down payment requirements have made FHA loans attractive to many of today’s home buyers. FHA does not actually loan money to home buyers, but insures lenders against default on loans that meet FHA criteria.
Some rule changes are on the way for FHA guidelines. They will include higher upfront insurance premiums. Current buyers pay 1.75% of the loan amount; that will go to 2.25%, the second increase in two years.
Today only a 3.5% down payment is required on FHA loans. There has been much criticism that FHA is only prolonging the current crisis, and even creating a new bubble of buyers unable to afford the home they are buying.
There is speculation FHA will increase the required down payment to ten percent. This idea is supported by many housing analysts. Another change reduces the amount sellers can contribute to the costs of sale for the buyer from 6% to 3%. Don't wait for these rule changes to cost you money!

We want you to know & understand changes in our industry as they directly effect you! Please call us for more information. We look forward to working with you!

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