Notice to potenial buyers of FHA loan changes “Best type loan for now”

CLARIFICATION OF THE ANNOUNCEMENT BELOW!
Even though HUD maintains this increase is effective 09-05-08, all loans with FHA case numbers obtained before January 1, 2009 will require only a 3% buyer contribution. A $100,000 loan obtained after the deadline will require a minimum of $500 extra out of the buyer’s pocket (snooze—you’ll lose)… FHA buyers should be under contract and in loan application by the beginning of December 2008.
FHA has increased the minimum down payment to 3.5% of sales price as of 09-05-2008. FHA has also made both one time and monthly mortgage insurance risked based—a high credit score reduces mortgage insurance, and a lower one increases mortgage insurance.
Good news- Down payment Assistance programs may still have a chance for revival!.

If you are considering a purchase soon before the changes, go to SunnySpotRealty.net to search all homes for sale available in Cape Coral, Fort Myers, Fort Myers Beach, Bonita Springs and Naples florida.

This search is the best I have found. Compare other searches to mine and Please let me know if you find another that is better and why.

Email me @ Jb@sunnyspotrealty.net
call (239) 770-0686

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