It looks like the House and The Senate are trying to come up with a better FHA Loan. As Of December 12,2007 here is where we are:
DOWN PAYMENT: Senate$ 1.5 % House 1.5 %
Max.Mortgage Amount: Senate: $417,000. House: $729,000.
Seller Assistance: Senate: 0 House: 0
There is still talk about "Risk Based Pricing" where FICO Scores could change the amount of Mortgage Insurance from as low as 1.5 % to a high of 2.00 %. Everyone wants to see a change by year end, but with the Holiday schedule it appears that a change will happen in early 2008. This could be a major step in getting people to purchase homes. It looks like we may be getting off to a good start in 2008. Speaking of getting off to a good start! Please check out my FREE Realtor Marketingprogram at my Blog page or at:http://www.jdeloan.com. Most of he agents cannot believe I do this for free. Also if you want to stay up to date on the mortgage business, please feel free to e-mail me,so that I can add you to my monthly Newsletter as well as my Economic Calender.
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