New Changes to Buyer Financing Options - How they will affect your home purchase

Friday, 19 March 2010
New Changes to Buyer Financing Options - How they will affect your home purchase
Andover, North Andover and surrounding communities - Real Estate Update for March 19, 2010.
Today I have an update on the new changes coming for buyer financing.

Notice regarding FHA loans (the most popular loan option consumers are utilizing)

“ As of April 5th 2010 HUD announced that they will be changing their upfront mortgage insurance on all FHA loans from 1.75 to 2.25. They also announced the change of seller concessions from 6% (closing cost credits) of the purchase price to 3% of the purchase price” They will also be rolling out stricter qualifying ratios.
Please check all of your pre-approvals with your lenders there is due to be some fall out with the higher up front mortgage insurance.

If you are utlizing an FHA loan contact me for a FREE list of approved condominiums and townhouses and other properties (978) 984-3107 or email homes@gracyteam.com

Notice last week regarding USDA Rural Housing

“This message is to notify you that program funding for the Single Family Housing Guaranteed Loan Program will likely be exhausted by the end of April, 2010.”

Notice regarding Mass Housing Loans

“Effective April 1, 2010, Mass Housing will be lowering the maximum Loan to Value from 100% to 97% on one unit properties. All applications with Loan to Values greater than 97% must be dated (and) reserved on www.emasshousing.com on or before March 31st, 2010 and be closed and funded by May 31st, 2010. Mass Housing is unable to grant extensions beyond the dates noted above.”
If you have any 100% Mass Housing pre-approval out there make sure you are under contract by April 1st. Time is running out on this call me today for a list of USDA approved locations and properties (978) 984-3107.

Notice regarding the first time home buyer credit
“Under new law, an eligible taxpayer must buy, or enter into a binding contract to buy a principle residence on or before April 30th 2010 and close on or before June 30th 2010”

Investor Notice regarding FHA 90 flipping Rule
“Hud has temporally loosened their guidelines regarding the 90 flipping Rule. In order to obtain a waiver the property has to be approved by Hud. In cases where a home inspection is required due to the increase in transfer price of 20% or more

For instant access to all local area properties visit http://www.GracyTeam.com

Mark Gracy
Keller Williams Realty
168 N. Main Street
Andover, MA 01810
One Call Phone & Fax: 978-984-3107
Email: Homes@GracyTeam.com
www.GracyTeam.com


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