A quick word to the wise, and home buyers.
We all know the tax credit is ending soon, and the “target date” for the majority of folks is April 30th.
Well, set those clocks back because if you are thinking of going to go with an FHA loan, mark April 5th down and circle it!
Here are the 2 big changes that are taking place on that date that are going to affect Texas FHA homeowners:
1) Seller Contributions are going from 6% down to 3%.
2) Up Front Mortgage Insurance Premiums are being increased from 1.75% to 2.25%, and talks of the monthly mortgage insurance (currently .55%) going up as well
To qualify for the old FHA guidelines, an FHA case number must be ordered prior to that date, so if you want to save some money in the FHA UFMIP and are a little low on cash, now is the time to get cracking.
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