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Macomb County MI Real estate

Macomb County MI real estate blog

Call to action: FHA changes coming and we can give our input!

July 20th, 2010 · No Comments · fha mortgages and first time home buyers, macomb county mi real estate market

Just when I think the dust is settling a bit with the mortgage changes we receive another whammy.   Currently there are discussions going on about FHA mortgages and changes to the standards that will have a horrible affect here in Metro Detroit, and other areas of the country.

If you’ve thought about buying a home with an FHA mortgage and have talked to family or friends who have used this loan, then you probably know that for years and years FHA has allowed a home buyer to receive up to 6% of the purchase price in sellers concessions.   Most home buyers, whether you are a first time buyer or a repeat buyer, have used that 6% to help pay for your closing costs or pre-paid items (escrows) or tax prorations.  It has helped so many of my Macomb County MI home buyers over the years realize their dream of home ownership.

The whammy I was referring to? FHA wants to cut the sellers help to the buyers in 1/2. They are talking about lowering the allowed sellers concessions to 3% from the current 6%.

One of the FHA mortgage lenders that I have so much respect for has written a couple of articles about these proposed changes and how we can all voice our opinions.  Please go and visit Jeff Belongers blog and click on the links he provided to help support keeping the 6% in sellers concessions for home buyers.  Thank you Jeff for pointing this out to us so clearly and letting us know that we do have a voice about what is going on!

We are all asking for your help. In my opinion the change that FHA is proposing will bring much more harm to our housing industry and real estate market in Macomb County as it will drive even more first time home buyers out of the market entirely.

~Kris Wales~ A partner for your real estate needs in Macomb County MI
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