This provides a GREAT reason to call all of your clients that may want to purchase a home sometime in the next year using a FHA loan. FHA is looking at increasing the upfront mortgage insurance premium from 1.75% of the loan amount to 2.25%, they are looking at increasing the monthly mortgage insurance and decreasing the maximum seller concession from 6% of the purchase price to 3%. This is expected to take effect sometime this spring.
Just 1 more reason why buying now is financially savvy apposed to waiting. The cost of waiting is real, between this and the 1st home buyer credit that is scheduled to run out April 30, 2010.
Here are a couple links to some articles about the FHA changes announced yesterday:
Call me today at 907-529-6602