Let’s get to Real Estate Information
There are two items you need to be aware of if you are purchasing a home:
- Rates dropped again last week. It makes you question if they are going to continue in that direction. Make sure you are in touch with a competent Lender to help you lock in your rate.
- FHA will be tightening their Loan Standards this year. Borrowers will pay an upfront mortgage insurance premium of 2.25% on the total loan amount. Up from 1.75%. Borrowers may still include this fee into the total amount financed. Lastly, Borrowers will need a credit score of at least 580 to qualify for an FHA loan. They will need to put 10% down if they do not have at least a 580 score.
Tomorrow we will discuss Short Sales.