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ATTENTION BUYERS THE FIRST DEADLINE FOR BUYERS AND SELLERS IS APRIL 5, 2010! MAKE YOUR OFFER IN MARCH!
On that date, the Department of Housing and Urban Development will initiate new regulations for FHA loans.
Among the changes that will take effect on that date are:
The mortgage insurance premium for FHA mortgage insurance on loans which are assigned on or after April 5, 2010, will be raised from 1.75% to 2.25% of the loan amount.
Individuals who have a credit score of less than 580 will be required to pay a minimum down payments of 10% of the sales price, rather than the traditional minimum of 3.5% The percentage of loan fees and closing costs that the Seller is allowed to provide will be reduced from 6% to 3%.
The second deadline involves the Homebuyers tax credit, which provides for a tax credit of $8,000 for first-time homebuyers and up to $6,500 for repeat buyers. This tax-credit will no longer be available for anyone who does not have a contract in place by April 30, 2010 and must close by June 30, 2010.
