What does this mean for you, the consumer?
To start off with, you insurance costs have increased from 1.75% to 2.25%. You also had the ability to ask the seller for up to 6% of the purchase price back to help with both recurring and non-recurring closing cost. That figure has bee cut in half and is now 3%. And – if you have a credit score of 580 or less you will now have to put down 10% towards the purchase of a home, up from the standard 3.5%.
Why is this? It is to help insure that you, as a consumer will not have to foreclose on the property at some point down the road and also protects the note holder.
Technically this is a blessing. Even though at first glance it may look like a curse.
If you or someone you know is interested in discovering if they qualify for FHA Financing, give me a call and I will be more than happy to help you through the maze and make your dream of home ownership a reality.
Call 800-275-7010 TODAY!
