Joint Base Charleston Real Estate

Charleston AFB Home Buyers WILL PAY MORE this Spring

February 6th, 2010 9:47 PM by Jodie Ford

Charleston AFB Home Buyers Will Pay Thousands More This Spring

Don’t Wait to Buy

Waiting a few extra days or weeks to purchase a home this spring could cost Charleston AFB home buyers thousands of extra dollars as the office of Housing and Urban Development (HUD) implements several changes for loans guaranteed by the Federal Housing Authority (FHA).

Coming just weeks before the April 30 deadline for the
Home Buyer Tax Credit and just days after the March 31 expiration of the Federal Reserve Board's mortgage backed securities purchase program (which has kept home loan rates artificially low for over a year), these FHA changes make it even more important to act now to save big.

Here are a few reasons why home buyers must

ACT NOW:

On April 5th, the cost of required up-front mortgage insurance for loans guaranteed by the FHA will increase from 1.75% to 2.25%. For a borrower purchasing a $200,000 home with a $7,000 down payment, the up-front mortgage insurance will increase by $965. Up-front mortgage insurance is typically financed in the final loan amount so the impact to a monthly payment will be minimal but overall, the increase is still borne by the borrower both upfront and monthly.

Later this spring, the amount of money that a seller can return to the buyer from their sale proceeds will be reduced from 6% to 3%. The reduction in these "seller concessions" can increase the amount of cash a buyer will be required to pay at closing by $6,000 for a home purchase of $200,000.

There is only one way to avoid being affected by all of these costly changes that lie ahead –

 FIND A HOME now and submit all FHA mortgage applications by the last week of March 2010.

 

 Charleston Air Force Base, SC Real Estate For Sale - Jodie Hurt

I specialize in helping military families enjoy a smooth PCS in and out of Charleston Air Force Base, South Carolina. I have a passion for helping people, and I love what I do. Call me (843) 819-4398 and let me make this the easiest PCS yet!

 

Posted in:General
Posted by Jodie Ford on February 6th, 2010 9:47 PM

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