Bullhead City Fort Mohave Az Home Buyers Act NOW Before It’s Too Late!!!
The FHA announced today a set of policy changes to take affect including an increase in the required MIP mortgage insurance premium from 1.75% to 2.25%; a change in the down payment requirements for home buyers related to their FICO score as well as a reduction of 50% of the sellers allowable concessions. These changes will go into affect in the spring with no specific date set as of yet.
With the rise in required MIP to 2.25% that means a home buyers bottom line monthly payment will be affected. A home buyer with a FICO score below 580 will be required to have a down payment of at least 10% of the purchase price of the home. Home buyers with a FICO score of 580 or above will still only be required to have 3.5% of the purchase price for a down payment. But with the FHA reducing sellers concessions; which is basically defined as a grant; from 6% to only 3% greatly adversely affects a prospective home buyers ability to buy a home.
With these FHA home buying changes on their way combined with: The expiration of the $8,000 or 10% first time home buyer tax credit on April 30….Current interest rates near historic lows…. The large inventory of homes both foreclosures and resales currently available for sale… The current home values and affordability…makes this “The Time To Buy A Home”
“Stop Throwing Money Away on Rent and Call Me Today!
Do Not Procrastinate; start searching for your home now. The first thing you need to do is give me a call or send me an email so we can begin with getting your financing in order. Any offer to purchase a home requires a buyer pre-approval letter.