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

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.

Blog author image

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....

Latest Blog Posts

Charming Ranch Home in Wescott Plantation for Under $200K

4816 Hearthside Drive, Summerville, SC, 29485 3 Bed  •  2 Bath  •  1,355 sqft This Well-Kept & Charming 3BR/2.5BA Ranch is Located in Wescott Plantation of

Read More

Charming Ranch Home in North Charleston Back on the Market!

2652 Martha Drive, North Charleston, SC, 29405 3 Beds  •  2 Baths  •  1,069 SqFtYour Search for a Low Maintenance Lakehouse Escape just an hour outside of the

Read More

AMAZING VALUE on Stunning Lake View Home in Summerton, SC

1046 Island Court, Summerton, SC, 291484 Beds   •   3 Baths   •   1,400SqFt.$220,000Your Search for a Low Maintenance Lakehouse Escape just an hour

Read More

PRICE REDUCED! On Elegant End Unit Townhome in Wescott Plantation

       4761 Horse Drawn Way, Summerville, SC, 29485 3BR/2.5BA   •   1,875 SqFt.$210,000Welcome Home to this Low Maintenance Move-In

Read More