Changes to the FHA guidelines are about to change significantly. If you are thinking about buying a home, depending on the purchase price, you may be able to utilize FHA financing. FHA financing is perfect for a first time home buyer, a buyer with little money to put down for a down payment and even a buyer with little money for closing costs.
Please be aware that the changes about to take place with the FHA guidelines may hinder you from being able to purchase - depending on your specific situation. In order to tak advantage of what FHA is presently offering, you must take action by the end of September 2008.
Here's what you currently have going for you with FHA: You must have 3% of purchase price to put down (this can be a gift from the SELLER or anyone or you can finance that 3% on top of the loan amount).
For example: $100000 sales price of a home (3% is 3,000) so we can ask the seller to pay it, it can be given as "gift" from someone you know or you can add it to the $100,000 for a total loan amount of $103,000.
This is totally seperate from the "closing costs" and "prepaids" that are required at closing to purchase a home. Make sure your lender has this documented on the Good Faith Estimate. You can average between 3-5% of purchase price for your closing costs with prepaids.
CHANGES to FHA coming soon:
You must be preapproved by September 30th to receive the above scenario.
If not - here are the changes:
1) FHA downpayment is 3.5%
2) FHA downpayment must come from You or a "gift" from someone you know
3) FHA downpayment cannot come from the Seller
4) FHA downpayment cannot be added to your loan (example of $103,000 above)
Bottom line - you need to make sure you are using a Real Estate Team who is in the "know" with all the changes going on in the real estate and mortgage industry. A lender you can trust is the key.
We can help you find your home, negotiate a good deal on your behalf and put you in the hands of a trusted lender.
We're here to help you every step of the way!
The Sherry and Maria Team
Realty Executives of Atlanta
Sherry 678-283-1710
Maria 678-548-5513
Fresh Ideas...Fast Results
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