Home Buyer’s Are You Aware Of Upcoming FHA Lending Changes?
One of the biggest things a good Buyer’s agent and loan officer can do is to keep you aware of costly changes to the real estate market and home loan process. So have you been notified of upcoming changes to FHA lending guidelines? Well let’s take a look at what you are look at.
The Federal Housing Administration (or FHA) is increasing the cost of their up-front mortgage insurance premiums starting on April 1st. Yes a cruel April Fool’s prank that has no one really laughing. The increase will apply to new 30 year loans. This is in addition to changes to the monthly PMI and the fact that the seller contributions are going to be lowered.
On another note for those elderly clients looking at possibly doing a Reverse Mortgage the Mortgage Insurance Premium is being raised from .5% to 1.25%, and lower principal limits.
This does not give you much time to save but if you have been sitting on the fence trying to decide whether now is a time to buy this is just one more reason to ACT NOW! However, if you are not ready don’t panic buy it is not a change that will break the bank. It is going to impact you and if you can act now that will save you money.
So check with your Home Buyer’s Agent and your Loan Officer to see what the exact differences are going to mean to you at your loan limits.
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Larry is a Greensboro Residential Broker, Certified Relocation Specialist, luxury homes and farm/land specialist, and certified in Short Sales and Foreclosure homes, SFR, SRES & CHMS who can assist you with the purchase and/or sale of real estate in the Piedmont Triad Area that include but, not limited to Greensboro, Summerfield, Oak Ridge, High Point, and Winston Salem, North Carolina. If you’re relocating to or from any other area of the country, Larry connects you with a member of our national team of relocation specialist in your destination or exit city of choice. The destination service is of no cost to you! As your Personal Concierge Realtor Larry provides customer service that is equal to none. Your complete happiness is our top priority! Larry Story — Total Care Realty, LLC — 336-327-1841 also at http://totalcarerealty.net
Mortgage Assistance Relief Services Disclosure
FTC effective January 31, 2011
As a seller you may stop doing business with Total Care Realty at any time. You may accept or reject the offer of mortgage assistance we obtain from your lender (or servicer). If you reject the offer, you do not have to pay us. If you accept the offer, our commission will be deducted from the proceeds of the sale their will be no additional fee to you for our services. Total Care Realty, LLC is not associated with the government, and our service is not approved by the government or your lender. Even if you accept this offer and use our service, your lender may not agree to change your loan. If you stop paying your mortgage, you could lose your home and damage your credit rating.
"All information provided is deemed reliable but is not guaranteed and should be independently verified. Properties subject to prior sale or rental."