I've been telling you that changes are on the horizon... and they are. April 1 there will be dramatic changes to the FHA mortgage loan guidelines --- No Fooling!
Currently in Houston Metropolitan area homebuyers may use an FHA loan to purchase a home with a maximum loan value of $271,050...which means a home purchase price of $280,880, and only have a down-payment investment of 3.5%. This is true for properties in Harris, Brazoria, Galveston, Chambers and Fort Bend counties. The only mortgage in which you may have a lower down-payment is a Veteran Administration loan for our veteran buyers who may purchase with no down payment at all. Thank you for your service. Or in a few select regions a USDA mortgage, also with no down payment.
What is going to change on April 1st? Credit qualification guidelines will become more difficult and the cost of the mortgage insurance will increase. This will mean higher costs for your mortgage and possibly having to pay off old debt that Today is being overlooked.
Finally, the interest are beginning to creep in an upward direction. Today's average rate for a 30-year fixed rate FHA mortgage is about 3.875%...Still under 4%. With the changes that are on the horizon and the current economic balance we will see rates over 4% soon.
You still have time to be approved and select your new home before these changes are in effect. You only have to be approved and have your property under contract in order to maintain the current guidelines and rates. So stop procrastinating...get off the couch and give me a call. I specialize in working with individuals just like you that want to get the best home for the best dollar and enjoy a smooth and simple transaction along the way.
I'm looking forward to hearing from you (832) 434-2894 or send an email to Nancy@BayAreaEliteProperties.com and let's go shopping.
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