If you are on the fence about buying a home & financing it through FHA, it would be a good idea to move forward with the plan right now. The curtain is closing on easy qualifying and low down payments.
Changes coming:
1. Down payment requirement will rise to 5% from the 3.5% minimum currently.
2. Qualifying credit scores will rise from 500, but how high the minimum will be has not been determined. Those making a minimum down payment will need a higher score.
3. Sellers will be able to provide only 3% of the homes cost as a contribution to closing costs, as opposed to the 6% contribution they can make now.
4. There will most likely be higher prices for mortgage insurance.
Some members of the committee wanted FHA to institute risk-based pricing, which would allow the to charge more for high risk borrowers. That's the story right now. In the future, when the rules are sorted out, qualified buyers will still be able to get an FHA loan. It will just cost them more.
If you are interested in buying a home with FHA financing....now is the time to call me! Also, ask about the down payment bond loan assistance program!
Annette Rubink - 239-770-4152
www.annettesellscapecoral.com
annetterealtor@att.net