Woodbridge Homes More Affordable Before September 30, Higher FHA Down Payment Starting Ocbtober 1

By
Real Estate Agent with Cell: 703-677-1120

The 700 page housing bill authored by Congress, and signed into law by President Bush last week contains a key clause that shall make Woodbridge homes LESS affordable for FHA buyers after September 30, 2008.

First, FHA loans are the hot, hot, hot loan program this summer because Congress took decisive action in the spring to radically improve the good ol' FHA loan.

The FHA loan has become the loan of choice for a huge chunk of of this year's buyers.

A key provision that has attracted teeming hordes of buyers to FHA loans is the low 3% down payment, plus programs that allow third parties to give qualified buyers the 3% down payment and get that buyer into the house with no money down.

If your FHA loan is not in underwriting by September 30, your down payment shall increase to 3.5%, and the third party 3% down payment contributions will be off the table.

More to follow...

Posted by

Erick BlackwelderCall or text Erick Blackwelder right now for help finding a home, or help selling your house.  

Don't worry... Erick doesn't bite, and you won't get a sales pitch.  Text or call Erick now at 703-677-1120 for a FREE consultation.

CLICK HERE NOW to search the Multiple Listing Service (MLS) for homes for sale in and around Woodbridge, Lorton, and Mount Vernon.

Exit Realty Associates
8998C Lorton Station Blvd
Lorton, VA  22079
Equal Housing Opportunity

 

 

 

 

 

 

 

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Click the link above to email a question to me or call me now at 703-677-1120.  

 

 

Equal Housing opportunity.

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Erick Blackwelder

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