BUY NOW to SAVE-FHA CHANGES

Weeks before the FTHB tax credit expires, FHA is making some changes.On April 5th , FHA will increase the up-front mortgage insurance by 0.50%. All though the up-front mortgage insurance is financed into the loan- it can add an extra $965 to your loan amount. The Spring also warrants a change in seller concessions. The amount now a seller is allowed to contribute to buyers closing cost is 6% and that will change to 3%- creating more money out of pocket for buyer. If a buyer buys a house at $100,000 they will get $3000 instead of the $6000- so buyers will have to come up with the extra cost.Buyers the only way to avoid the changes is to buy now and have a mortgage application submitted by the last week in March.
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