Any First Time Home Buyers in Charlotte “Swinging” on the Fence?

March 21st, 2010 categories: Buying your Home, Market Trends

Mom on Swing

If you are on the fence and are financing FHA, you need to purchase a home prior to April 4th. There is an important FHA change coming April that you need to be aware of. At present, the seller can contribute up to 6% towards closing costs.   Starting April 5^th, the seller is only allowed to contributed 3% max towards closing costs.

It will also become more expensive to obtain a home loans starting April 5^th due to another change.  Currently the upfront mortgage insurance premium is 1.75% on all FHA loans. This is added to the base loan amount. Starting April 5^th, this will go up to 2.25%.  This means the very same 200k loan will cost $1,000 more on April 5^th to finance vs April 4^th.

Call Geoff Brown at New American Mortgage to get pre-approved then call me to find your dream home QUICK!

And by the way, if you want to search for homes with no hassle, search here-

WWW.SEARCHSOUTHCHARLOTTEHOMES.COM

Authored by Donna Johnston | Discussion: 1 Comment »