Interesting article from the Washington Post on the possible changes to FHA loans. These changes could include increasing the down payment to 5% (currently 3.5%), decreasing seller contributions to 3% (currently 6%), increasing the monthly mortgage insurance, increasing the upfront mortgage insurance and increasing the minimum credit score.
This could definitely affect many of the buyers we're seeing in the marketplace, especially the first time homebuyers. Please share these possible changes with your buyers and encourage them now, more than ever, to get serious with their home search before they may lose the ability to qualify.
I hope you're having a great holiday season!!!
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