Purchasing using FHA financing? Should make your move now.
FHA will be announcing some changes to their program. However, they still are working out the implementation. Some of these changes will take effect October 1, 2008.
Here are some highlights:
Borrowers had to have 3% in the transaction. This will increase to 3.5%. Upfront MIP changes based on credit score and debt to income ratio. Down payment assistance from non profits will be discontinued. This is not entirely clear yet.
With these changes, any of the borrowers that are thinking of purchasing using FHA financing should make their move now. Some of these changes will take effect October 1, 2008.
Thank you, Gary Risler Vision Mortgage Capital