We've heard for a while that FHA downpayment requirements were going to be increasing as a result of the Housing and Economic Recovery Act bill that was signed by the President in July.
Now we know the date.
For all FHA case numbers assigned after January 1, 2009, the new downpayment requirement will increase from 3.0% to 3.5%.
On a median-priced home here in Colorado, that means downpayment requirements for an FHA buyer will be about $1,200 higher next year.
Now we know the date.
For all FHA case numbers assigned after January 1, 2009, the new downpayment requirement will increase from 3.0% to 3.5%.
On a median-priced home here in Colorado, that means downpayment requirements for an FHA buyer will be about $1,200 higher next year.
If you are a first-time buyer, here are five reasons you need to take action before the end of this year:
1) There are now 20% FEWER active listings in the Denver MLS today than one year ago - and inventory continues to fall
2) Banks are raising their prices on foreclosures in the face of stronger demand after more than six months of multiple offers and bidding wars on distressed homes
3) New foreclosure filings FELL by more than 17% in the second quarter in the Denver Metro area
4) The federal takeover of Fannie Mae and Freddie Mac this week have caused 30-year fixed interest rates to DIVE by more than 50 basis points
5) And now, we know downpayment requirements on FHA loans are going UP in three months
I didn't even mention the $7,500 FEDERAL TAX CREDIT available to first-time buyers who purchase between now and June 30, 2009.
The time to act really is right now. That's why I am hosting a series of First Time Buyer Workshops beginning Wednesday, October 1 at the Arvada Public Library in Olde Town Arvada.
Please call or email for more information or to reserve your spot. And remember, I am never too busy for any of your referrals - especially investors or first-time buyers!
