Waiting to buy a home may cost you thousands of dollars, Leander McClain Realtor, Cherry Hill NJ
My buddy John breaks this information down very cleary. The same thing goes for NJ as in Frisco Texas. If you wait......you may lose thousands of dollars. I never like losing money....do you?
If not, call me right now and let's get you on your way to home ownership
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Make This YOUR Best Year Ever
Leander McClain, Burlington /Camden County, NJ Realtor & Real Estate Consultant, Keller Williams Realty, 1814 Route 70 E Cherry Hill, NJ 08003 856-685-1677 Direct
Search NJ & PA Home Listings @ www.NJSouthRealEstate.com
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If you wait a few more days or weeks to purchase a home, you could lose thousands of extra dollars. Why? Because the Housing and Urban Development (HUD) is implementing several changes for loans guaranteed by the Federal Housing Authority (FHA).
These changes are coming shortly before the April 30th First Time Home Buyer Tax Credit deadline, and just after the March 31st experation of the Federal Reserve Board's mortgage backed securities purchase (which has kept home loan rates artificially low for over a year now), these FHA changes make it even more important to act now to save BIG!
In case you have not heard about these changes, here is a quick explanation:
- March 30, 2010 - Federal Reserve Board is no longer purchasing Mortgage Backed Securities (MBS) which has been keeping mortgage rates at historic lows.
- April 5, 2010 - HUD is implementing new requirements for Up-Front Mortgage Insurance (UFMI). Currently, the amount of UFMI is 1.75% and is increasing to 2.25%. What does this mean? For a borrower purchasing a home for $200,000 with a $7,000 down payment, the UFMI will increase by $965. Typically, this amount is financed into the loan, so the mortgage payment increase will be minimal, but overall the fee is increasing for the buyer.
- Later this Sping - HUD will implement the reduction fees allowed to be paid by a seller. Currently, the seller can pay up to 6% of the buyers closing costs. This percent is decreasing to 3% maximum. Using the same example above, a home buyer purchasing a $200,000 home will lose on "seller concessions" by $6,000.
How do you avoid this loss? GET OFF THE FENCE! Submit your FHA Mortgage Application by the last week of March.
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Are you are looking to buy or sell a home in Frisco or another city in North Texas? Perhaps you love your home but would be interested in refinancing to a lower interest rate? If so, then I can help.
I can help you get pre-approved for your a new home loan in Texas and even suggest some very knowledgeable and professional Real Estate Agents in your area of choice. If you are available to talk, I am available to listen. Give me a call any time or visit my website for more details.
Do you want to know all of your mortgage options? Call me today and let's discuss them further.
Always available for your Texas Mortgage needs!
John Cannata LegacyTexas Mortgage p#972.325.4912
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