Dan Green, the author of the Mortgage Reports Blog makes some OUTSTANDING comments on his blog article today. I highly encourage anyone considering buying this summer to take a read ASAP before an opportunity passes you by, as it has so many others. Just one year ago, sellers were assisting buyers in their down payment on their homes, that is gone today, and in a few months, things will tighten up again for buyers. Bottom line, get out there and buy if you are planning on it, because lending is tightening up again.
A few key points that Dan makes are worth repeating here in a succinct form:
“It will never be easier to be approved FHA than it is today. If your home buying or refinance plans call for a FHA mortgage, consider moving up your time frame.”
“Expect more changes from FHA this year. It may come in the form of risk-based fees, loan-to-value restrictions, or stricter debt-versus-income requirements, but it’s going to come. And when it does, some of the people that qualify for FHA home loans today and going to find themselves on the outside of the fence looking in, wishing they acted sooner.”
Take a solid read at this article and if you are considering buying a house this summer, get out there and find one sooner than later, or you may miss this epic opportunity to take advantage of GREAT PRICES, TREMENDOUS INVENTORY, AMAZING RATES, and LOW DOWN PAYMENTS.
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