An announcement could take place shortly outlining changes to the FHA mortgage insurance program to curtail defaults. Some of the possible changes include Increasing the minimum credit score for FHA loans from 500, Raising the down payment money from 3.5 percent and reducing the maximum amount of seller concessions from 6 percent of the home’s value to 3 percent. Monthly insurance premiums charged to borrowers are currently 1.75 percent of the loan value — also could be hiked.
It’s still a great time for buyers…remember you must be in your new home by December 31, 2009 to apply for your homestead tax exemption for 2010.
Have a great night and enjoy!
Julie & Elsie
Team Tropic Hernando
“Don’t Let The Sun Set On Your Dreams!”
