Real Estate Information

Let’s get to Real Estate Information 

There are two items you need to be aware of if you are purchasing a home:  

  1. 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.
  2. 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.

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