If your clients are still on the fence about buying a home, you should let them know that the Federal Housing Administration (FHA) is increasing mortgage insurance premiums on FHA home loans as of April 18, 2011. This deadline applies to the FHA case assignment date.
This increase could cost your buyers more money each month for their total monthly mortgage payment. What can your buyers do? If they are close to contract, advise them to buy now before the new mortgage insurance premium takes effect. They must have an active loan application for the subject property prior to April 18, 2011.
HUD Temporary Flipping Waiver Extended
In an effort to expand access to FHA mortgages and allow for the rapid resale of foreclosed properties, HUD announced a temporary waiver of the 90-day flipping restriction until December 31, 2011.
The waiver is subject to certain conditions, and eligible mortgages must meet these conditions to take advantage of the waiver. The complete text of the waiver extension, including conditions the waiver is limited to, is available on the HUD website.
Call me today to learn more about these
important changes and how I can create
value for you and your customers!
PS – We are seeing an increase in customers using their tax refund to make a down payment on a property, and it’s a GREAT IDEA! As you know, the fantastic opportunity of low interest rates and home prices combined with a large housing inventory makes the current market extremely advantageous to buyers. Have your buyers call me today to learn more and to get started on their home loan application.