Special offer

Upcoming Changes to FHA-Backed Loans Could Move Buyers Off the Fence

By
Real Estate Agent with CENTURY 21 Murphy & Rudolph

If the extension of the home buyer tax credit doesn't motivate more buyers to make a home purchase this year, maybe the thought of it costing more to finance a home in the future is what will force buyers to make the move.

That seems to be one of the few positive things that could come out of the Federal Housing Administration (FHA) increasing its borrower fees and putting tighter restrictions on its qualifications. 

The FHA announced its proposal to tighten lending requirements for home buyers and charge higher fees to protect itself, the general taxpayer, as well as the overall economy from rising mortgage defaults. 

For the complete article, please refer to the following link:

http://www.associatedcontent.com/article/2622109/upcoming_changes_to_fhabacked_loans.html?cat=3

 

Comments (3)

Renee L. Norton
Birmingham, AL

They would certainly get me off the fence.  I hope buyers are listening.

Jan 27, 2010 10:38 AM
David Monsour
Keller Williams Keystone Realty - Gettysburg, PA
ABR - www.realty-insights.com

It seems like the perfect storm is brewing.  People are going to miss the wave if they don't get up and go soon.  Tighter FHA coming, good rates, tax credit, great prices.....come on people.

Jan 27, 2010 10:38 AM
Sharetha Holman
CENTURY 21 Murphy & Rudolph - Charlotte, NC

Renee and David, you are so right.  We will probably not see times as good as this in the near future for homebuying.

Jan 27, 2010 01:03 PM