Like sand through an hourglass time is running out. If you are considering a home purchase in Kent or any where else for that matter FHA will be adjusting their down payment requirements soon. FHA loans are one of the few products still available to buyers with moderate down payment requirements. This will all change on January 1, 2009, just over two months away.
Currently, FHA requires a buyer to make a 3% total investment in a home purchase. After January of next year the minimum required investment will be 3.5% and the entire amount must go towards the down payment. This means that closing costs will be required in addition to the 3.5% down payment.
FHA loans have become very popular over the past year because of their low down payment requirements, and will continue to be one of the preferred lending methods. But this rule change will inevitably cost you more.
If you are considering a home purchase while prices and interest rates are low, move now before this costly change. Click here for more information on FHA loans.
Previously published by Greg Saffell/South Sound Surfer
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