Special offer

BAM! Reality Check! Again!

By
Real Estate Broker/Owner with Deaton Group Realty

Buyers & Sellers don't wait around!  Just like in the stock market, you buy when the prices and rates are lowest for maximum profit in the future.  Now is the time!

FHA has passed new guidelines that will make it more expensive to buy a home due to increased fees on your FHA mortgage.  Higher monthly fees, larger down payments and better credit scores are among the new initiatives. 

The new rules will start taking effect as early as the end of August and will impact buyers with higher fees and increased monthly mortgage insurance amounts. The new rules will also cut the amount of seller paid closing cost from 6% to 3%.  This means it will cost you more money at closing, out of pocket, to buy a house. 

Even if you need to sell a home first, getting it sold soon and being able to capture some of this Perfect Storm will save you money in the future.

Posted by

To view all available properties, see my social business card, and read my real estat blog, go to www.ScottDeaton.com.com

I am the Managing Broker of Deaton Group at Blackwood Team.  If you would like more information on any of the topics discussed in this blog, please contact me directly. Also, please visit my website at www.DeatonBlackwood.com.

Feel free to subscribe to my blog to keep up to date with my latest posts of tips & tricks. You can also sign up for my monthly email newsletter or see FREE Community Reports.

Also, let's connect on these great social networks:

   Follow Me on Facebook   Lets get Linkedin   My Outside Blog   Watch my Crazy Movies on YouTube

  

Comments(1)

Robert Rauf
CMG Home Loans - Toms River, NJ

Scott, you actually have until 10/4/2010 to get a case number for FHA to get locked into the existing MIP options vs the higher Monthly that kicks in after 10/4

Aug 20, 2010 04:39 AM