FHA CHANGES ARE COMING!


Mortgage Insurance Premiums increased from 1.75 to 2.25% – Effective April 1st
· Seller Contribution decreased from 6% to 3% – TBA early Spring

· Increased Monthly MI – Effective date TBA

Increased down payment for borrowers with lower credit scores TBA

TAX CREDIT: Buyer must have a binding purchase contract by April 30th to qualify for tax credit.

WHAT DOES ALL OF THIS MEAN?

A 200k purchase price after April 30th may have up to a 15k impact on the borrower.
(Assuming current rates stay the same. Well…we all know what happens when we assume J)

ACTION REQUIRED:

Convert any “shoppers” into BUYERS between NOW and April 30th!

Don’t hesitate to call or e-mail with any questions you may have concerning how this will affect your clients.

Melissa Stashin

Sr. Mortgage Banker/ Branch Manager
NMLS #40033

Pacific Residential Mortgage, LLC

2 CenterPointe Dr. STE 500

Lake Oswego, OR 97035

(503) 670-0525 x113

(971) 221-5656 Cell

(503) 670-0674 Fax

(800) 318-4571 Toll Free

http://www.TeamStashin.com

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