If proposed changes are implemented, buyers will have to come up with more cash to close on a home purchase. Currently a buyer can purchase a home utilizing the FHA program with only 3.5% down. Proposed changes will bring that to 5% down. One other major benefit buyers have been able to take advantage of is help with closing costs. Currently a seller is able to contribute up to 6% towards a buyers closing costs and prepaids which saves the buyer a pile of money. It looks like that will be capped at 3% soon.
There are a lot of changes going on in the real estate market right now. Basically, the sooner buyers make their purchase, the better off they are. With a tax credit of up to $8,000 for first time home buyers (haven't owned a home in 3 years), only 3.5% down payments and 6% seller contributions, you cannot go wrong! BUY NOW!!!!
Call Gabe Fitzhugh with Burbach Realty Services at (386) 754-2818 or email gabe@gabefitzhugh.com to get help with finding your new home! You can also visit my website: http://www.lakecity-florida.info/ and start searching for your new home in Lake City Florida and surrounding areas.
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Homes For Sale In North FL
1 week ago
FHA plans to change mortgage program is intended to come into force this spring 2010. These changes will be made to strengthen the FHA insurance program. FHA FHA insurance program to guarantee the lender against losses related to default. Who is thinking of buying a home should be aware of these changes to come. It can directly affect many people who want to buy a house with FHA.
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