NEWS: BIG news on the FHA front. If you have possible FHA buyers shopping around, (or if you are one!) they need to get into contract ASAP – Come Sept 7th there are some MAJOR changes happening. The govt’s way of ‘helping’ is actually ‘hurting’ …are you surprised?
FHA TODAY: FHA ON 9/7/10:
Base Loan $150,000.00 $150,000.00
+ FHA financed prem $3,375.00 2.25% $1,500.00 1.00%
Total Loan Amount $153,375.00 $151,500.00
P&I Payment $ 777.13 $767.63
**+FHA monthly factor $ 70.29 *0.55% $123.72 *0.98%
Monthly Pmt $ 847.42 $891.35
Monthly Difference $ 43.93
Qualification Difference $8,670.00
Look what that does to the buyers qualification!
So if they were qualified for $150k now it’s only $141k
BUYERS NEED TO MOVE NOW!!!!
Have a Great Day and Be Happy! Remember, just about everyone you meet is going thru some kind of trial in their life – Be extra nice to Everyone!
This information supplied by:
**mortgage interest rates are Amazingly in the 4's**
Open Mortgage dba
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Thanks for your interest, and best wishes in your home search.
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How To Buy
Loretta J. Buckner
Your "Real" Estate Consultant for Life