Tuesday, 08 December 2009
Now is a good time to purchase a home. The interest rates are the lowest and FHA is talking about changing their guidelines. If they do, they are talking about increasing the down payment from 5% to 10% plus allowing the seller to pay less closing costs for the buyer and possibly none at all. Also the credit scores to qualify for FHA loans are lower than conventional loans. The FHA insurance is now 55 percent of the loan amount and Donovan, the HUD secretary wants to raise it. Somewhere in 2010 it is going to get pricier and tougher to get financing through FHA. If you want to purchase a home in Jackson, TN or the surrounding area, the sooner you buy, the better.
