FHA and You
If you are among the millions of potential homeowners who’ve been waiting on the bottom to arrive – News Flash: IT’S HERE!
The Federal Housing Administration (FHA) announced that starting in summer 2010, they will increase the minimum down payment requirements to 10% for borrowers whose FICO is 580 and under. Currently, FHA loans are the only way to go for many purchasers as most conventional loan products now require 10-20% down payment, plus your interest rate is directly tied to your credit score.
What this means is: Spring 2010 is your last opportunity to capitalize on several incentives for first time home buyers.
- $8,000 tax credit expires April 30, 2010.
- 3.5% down payment for FHA loans expires Spring 2010
- Relaxed credit guidelines for FHA buyers expires Spring 2010
Contact a Chicago real estate agent today to get started on your individual purchase plan!