ACT BEFORE NEW RULES ARE ENFORCED
ACT QUICKLY, IF YOU ARE THINKING ABOUT PURCHASING A HOME BECAUSE YOU CAN BENEFIT BY USING THE OLD RULES FOR FHA FINANCING. CHANGES TO FHA FINANCING RULES GO INTO EFFECT SHORTLY.
It’s going to be harder to get a government-backed mortgage from now on. Looking to shore up its weakening finances, the Federal Housing Administration has announced stricter standards. The agency, which insured nearly a third of new mortgages in 2009, will increase the premium it charges for its mortgage insurance and require those with weaker credit scores to come up with larger down payments. The FHA will also reduce the amount of money a seller can provide a homebuyer for closing costs, as well as tighten its enforcement of lenders. Some in Congress are considering forcing FHA to increase all down payments to 5.0%. The current basic rule is 3.5%.
There is no doubt about the fact that FHA is THE program in this market. FHA is rapidly approaching a 40% market share and remains the one hot program in a market in which most other programs have tightened requirements significantly or been eliminated from the menu. Well his equation is rapidly changing with new requirements being issued it seems every week. These new guidelines include:
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Waiver of property flipping rule
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New appraisal guidelines delayed until February 15
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Deregulation of the 1.0% Origination Fee
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Proposal to eliminate broker approval requirement.
FIRST TIME HOME BUYERS should go to the following FREE on line webinars for first time home buyers by clicking on the links below.
First Time Homebuyers 20 Things you must know before buying a home!
For more information about this workshop click the following link.
http//budurl.com/FTPurchaser
First Time Homebuyers 25 Things you must know before applying for a mortgage.
For more information about this workshop click the following link.
http://budurl.com/FTBuyer2
DON’T MISS OUT ON THE BEST TIME IN RECENT YEARS TO PURCHASE A HOME.
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BEST VALUES MEANS ABOVE AVERAGE INCREASES IN THE VALUE OF A HOME PURCHASED.
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LARGE INVENTORY MEANS BUYERS CAN FIND THE RIGHT HOME..
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LOW INTEREST RATES MEANS IT IS EASIER FOR BUYERS TO QUALIFY FOR FINANCING AND IT MEANS THEY CAN QUALIFY FOR A NICER HOME..
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US GOVERNMENT PAYS UP TO $8000 TO FIRST TIME BUYERS AND UP TO $6500 TO OTHERS WHO PURCHASE PRIOR TO MAY 1, 2010.
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About The Author: Lou Eisele
Lou is a Mortgage professional with more than 30 years experience in the real estate and financial industries. Lou has owned a real estate company, an insurance agency, and a mobile home company. Lou has been originating mortgage loans exclusively for the past 15 years. Lou’s other passions are his children, grand children, fast water trout fishing, baseball, football and politics.
Connect with Lou on – Linked In – Face Book- Twitter
Lou Eisele, Loan Consultant & Broker Associate, Colorado License MB 100019828
The Mortgage Network
600 South Cherry Street
Denver, CO 80246
Direct 303-249-0567
Email: lou@lousmortgages.com
www.lousmortgages.com
www.themortgagenetworkonline.com
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