Though the government has decided to get out of the mortgage business, new rules are going to replace old ones for prospective homeowners. Lenders will now be able and will re-check credit history before final funding of mortgages. What this means is that it is a good idea to decide on the lender you wish to use, and try to use them through the entire process of purchasing a home. Lenders do not want recent credit activity that may be negative to be missed. Rules are getting stricter in other ways for homebuying, also. High cost markets will see FHA limits decrease, and mortgage insurance premiums increase.
So, if you have been on the fence about buying, it may be time to climb down and get moving. Interest rates will also creep up during the year, and indeed, has gone up three times since the beginning of the year. Start your search, do your diligence and get a good realtor. It is time.
Comments(3)