Important News for FHA Buyers

Dated: 02/03/2013

Views: 1564

If you are planning to use FHA financing to buy a home, now is the time to step up your search.  You need to have the home under contact a few weeks prior to April 1st to ensure your case number is assigned before the changes go into effect.

For FHA cases numbers assigned on or after April 1, 2013 there are going to be significant changes to the FHA requirements, processes and fees. Some of these include

  • An increase in annual mortgage insurance premiums on most mortgages by about .10 %
  • Most borrowers will have to continue to pay mortgage insurance for the life of the loan  (before it could be cancelled after achieving 22% equity in the home)
  • It will be harder to get anyone financed with a credit score lower than 620
  • The downpayment will go from 3.5% to 5%

For more information, please visit www.hud.gov

If you are planning to use  FHA financing, please let your agent know so we can help you get financed before the new regulations are in place.

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Hunter Reynolds

Hunter Reynolds is a full-time Realtor with Keller Williams Realty in Charleston, South Carolina and is Foreclosure and Short Sale Certified. He specializes in residential properties in Charleston, SC....

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