Natalie M. DeLeo
Mortgage Consultant
Mortgage Resources Plus, Inc.
Phone: 248-642-4600
Fax: 248-642-6160
natalie@mrploan.com
| Waiting a few extra days or weeks to purchase a home this spring could cost buyers thousands of extra dollars as the office of Housing and Urban Development (HUD) implements several changes for loans guaranteed by the Federal Housing Authority (FHA).Coming just weeks before the April 30 deadline for the Home Buyer Tax Credit and just days after the March 31 expiration of the Federal Reserve Board’s mortgage backed securities purchase program (which has kept home loan rates artificially low for over a year), these FHA changes make it even more important to act now to save big. Here are a few reasons why: On April 5th, the cost of required up-front mortgage insurance for loans guaranteed by Later this spring, the amount of money that a seller can return to the buyer from their sale proceeds will be reduced from 6% to 3%. The reduction in these “seller concessions”
There is only one way to avoid being affected by all of these costly changes thatcan increase the amount of cash a buyer will be required to pay at closing by $6,000 for a home purchase of $200,000. lie ahead – submit all FHA mortgage applications by the last week of March. If I can answer any questions you may have about how these changes could impact you,
Sincerely,
Natalie M. DeLeo |
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Conventional financing is usually not an option when flooring is missing, kitchen is gutted, or a furnace is missing. We have the resources available to us to help you buy these types of homes.
FHA 203K Mortgage
