FHA Policy Changes?? and Mortgage Rate Update: Homes are becoming More Expensive!
Hi All!
Mortgage Rates are slightly up .125% for Conventional Loans & .125% for FHA Loan Products! This means homes are basically going to “cost more” (when your rate goes up, so does your payment)!!!
Also, not only will homes begin to “cost more” when the tax credit expires and the mortgage rates creep up, but FHA Policy changes may also take a little out of your pocket at closing…(see FHA Policy Change info below).
Oh, and I’m sure you haven’t, but don’t forget that there are only 10 days left for a homebuyer to get Under Contract to meet the April 30th Deadline for the Tax Credit!!!
FHA Seller Sales Concession Policy Changes
FHA has sent the Notice soliciting public comments on lower allowable seller sales concessions (i.e. to pay for Buyer Closing Costs) from 6% of the home’s purchase price down to 3% to OMB for review. This means the Notice will probably be published for comment in 30-60 days. Accordingly, implementation will likely occur in late Summer (August or September).
TODAY’S MORTGAGE RATES:
30 Year FNMA: 4.875% with a .625% Origination Fee
15 Year FNMA: 4.250% with a .250% Origination Fee
30 Year Jumbo: 5.500% with a.875% Origination Fee
30 Year FHA: 4.750% with a .750% Origination Fee
7 Year FHA Arm: 3.750% with a .625% Origination Fee
Disclaimer: Rates are subject to change and are also based on the strength of the borrowers pre-qualification. ~source: Bank of America Home Loans
IMPORTANT DATES:
April 30, 2010: Cut-off date to be UNDER CONTRACT to qualify for the $8,000/$6,500.00 Tax Credit.
June 30th, 2010: Cut-off date to be for CLOSINGS to qualify for the $8,000/$6,500 Tax Credit.
The KellySellsAtlanta.com Team
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