NEW FHA DOWNPAYMENT STARTING JANUARY 1ST 2009 AND YES....IT WENT UP!!!!
FOR THOSE OF YOU STITTING ON THE FENCE....NOW THERE IS SOMETHING ELSE TO CONSIDER!!! FOR YEARS THE BEST MORTGAGE PROGRAM WITH THE LEAST DOWN PAYMENT REQUIRED HAS BEEN FHA. SOME FOLKS GET NERVOUS ABOUT DOING FHA LOANS BUT REALLY, THEY ARE QUITE EASY IF YOU KNOW WHAT THE IN'S AND OUT'S ARE. FHA IS A GOVERNMENT INSURED LOAN. THE GOVERNMENT DOES NOT INSURE THE LOAN FOR YOU "THE BUYER" IT INSURES THE BANK IN CASE YOU DEFAULT ON YOUR MORTGAGE. FHA WANTS TO MAKE SURE THAT WHEN YOU PURCHASE A HOME USING THE PROGRAM THAT THE HOME MEETS CERTAIN REQUIREMENTS WHEN THE APPRAISAL IS DONE. SOME THINGS THEY LOOK FOR ARE...PEELING PAINT, HAND RAILS ARE REQUIRED ON STAIRCASES WITH 2 OR MORE STEPS, THEY WANT TO MAKE SURE THE ROOF IS SOUND ETC. THE REASON FOR THIS IS THAT IF YOU SHOULD PURCHASE A HOME THAT MAY REQUIRE SAY FOR EXAMPLE, A ROOF...THEY FEEL THAT IF YOU HAVE TO INVEST MONEY IN TO A NEW ROOF IT COULD CAUSE YOU TO BE LATE FOR OR EVEN MISS YOUR MORTGAGE PAYMENT. NORMALLY, A GOOD REALTOR WILL EXPLAIN TO THEIR SELLERS WHAT THE APPRAISER MAY LOOK FOR AND ASK THAT THEY MAKE THE CORRECTIONS PRIOR TO THE HOUSE GOING ON THE MARKET. THIS IS A GREAT PROGRAM AND IT'S BEEN AROUND FOR YEARS. THE ONLY THING THAT IS GOING TO HAPPEN THAT IS SIGNIFICANT TO ANYONE THAT PLANNED TO USE THE PROGRAM IS THAT THE DOWN PAYMENT WILL BE INCREASING FROM 2.25% TO 3.0% OF THE PURCHASE PRICE AS OF JANUARY 1ST, 2009. IF YOU PURCHASE A HOME AND MAKE APPLICATION PRIOR TO JANUARY 1ST 2009...YOU WILL BE UNDER THE LOWER DOWN PAYMENT.
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