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Reason to buy a Florida home now-FHA loan changes will cost Florida buyers more money they before!!
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Reason to buy a Florida home now FHA home loan changes will cost Florida buyers more money they before!!
If you needed another reason to get off the fence and buy a Florida home, here it is. This is bad news for Florida home buyers and in my opinion could dramatically slow the Florida real estate recovery.
Proposed changes in the guidelines for FHA mortgage loans will almost double the down payment required for these government backed FHA home loans. In addition, the amount sellers can contribute towards a Florida home buyers closing costs will be cut in half.
Currently, the FHA down payment requirement is 3.5% of the purchase price and the seller can pay up to 6% of the purchase price towards a buyers closing costs and prepaid.
Example: If you were going to buy a Florida home priced at $250,000. At 3.5% your current down payment would be $8,750. Under the new FHA mortgage guidelines the down payment will be $15,000. Right now, the seller can pay $15,000 of the buyers closing costs.. That will be cut in half under the new FHA mortgage guidelines.. You may also need a higher credit-score and have to pay higher mortgage insurance premiums.
The changes are supposed to help rebuild the FHA insurance agency’s cash reserves as it struggles with rising defaults. The theory is that if you force mortgage applicants invest more money in their Florida home it would make it less appealing for them to default and walk away from their Florida homes. If you make it too difficult for people to Florida homebuyers to get financing you won’t need to worry about them defaulting on their mortgage..
The rules will not be finalized until the FHA figures out how to put the new program into effect without derailing the housing market’s recovery.
http://www.fhamortgageprograms.com/florida/Winter-Park/ http://www.fhamortgageprograms.com/florida/Pompano-Beach/
http://www.fhamortgageprograms.com/florida/Broward-County/
http://www.fhamortgageprograms.com/florida/Palm-Beach-County/
http://www.fhamortgageprograms.com/florida/Dade-County/
http://www.fhamortgageprograms.com/florida/Miami-Beach/
http://www.fhamortgageprograms.com/florida/N-Ft-Myers/
http://www.FHAmortgagePrograms.com
http://www.fhamortgagefhaloan.com/
http://www.fhamortgageprograms.com/florida/Vero-Beach/
http://www.fhamortgageprograms.com/florida/Wauchula/
http://www.fhamortgageprograms.com/florida/Wesley-Chapel/
http://www.fhamortgageprograms.com/florida/west-palm-mortgage.shtml
http://www.fhamortgageprograms.com/florida/Winter-Park/
http://www.fhamortgageprograms.com/florida/Broward-County/
http://www.fhamortgageprograms.com/florida/Palm-Beach-County/
http://www.fhamortgageprograms.com/florida/Dade-County/
http://www.fhamortgageprograms.com/florida/Miami-Beach/
http://www.fhamortgageprograms.com/florida/N-Ft-Myers/
http://www.fhamortgageprograms.com/florida/N-Miami-Beach/
http://www.fhamortgageprograms.com/florida/Naples/
http://www.fhamortgageprograms.com/florida/Miami-Beach/
http://www.fhamortgageprograms.com/florida/N-Ft-Myers/
http://www.fhamortgageprograms.com/florida/N-Miami-Beach/
http://www.fhamortgageprograms.com/florida/Naples/
http://www.fhamortgageprograms.com/florida/Ocala/
http://www.fhamortgageprograms.com/florida/Okeechobee/
http://www.fhamortgageprograms.com/florida/Orlando/
http://www.fhamortgageprograms.com/florida/Ormond-Beach/
http://www.fhamortgageprograms.com/florida/Osprey/
http://www.fhamortgageprograms.com/florida/Palatka/
http://www.fhamortgageprograms.com/florida/Palm-Bay/
http://www.fhamortgageprograms.com/florida/Palm-Beach/
http://www.fhamortgageprograms.com/florida/Palm-Coast/
http://www.fhamortgageprograms.com/florida/Panama-City/
http://www.fhamortgageprograms.com/florida/Pensacola/
http://www.fhamortgageprograms.com/florida/Port-St-Lucie/
http://www.fhamortgageprograms.com/florida/Punta-Gorda/
http://www.fhamortgageprograms.com/florida/Homosassa-Springs/
http://www.fhamortgageprograms.com/florida/Jacksonville/
http://www.fhamortgageprograms.com/florida/N-Miami-Beach/
http://www.fhamortgageprograms.com/florida/Naples/
http://www.fhamortgageprograms.com/faq/fha.shtml
http://www.fhamortgageprograms.com/mortgage/fha-loan-program.shtml
http://www.FHAmortgagePrograms.com
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