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Here we go again..proposed changes to FHA and what it could mean to our Macomb County MI real estate market

June 1st, 2011 · No Comments · fha mortgages and first time home buyers, macomb county mi real estate market, mortgages in michigan

I will probably sound like a broken record   (if you are old enough to remember vinyl records):

Once again there is chatter and some serious talk about the government raising FHA down payments to 5%. (Currently the down payment for an FHA mortgage is 3 1/2 percent.)  This is just one of the changes being proposed to help keep FHA in the black, however I firmly believe that this raise in required down payment will hurt our local real estate market even further, and prevent a stabilizing of it in the near future.

There was an excellent article recently by Karrie Panchuk over at the thehousingwire.com.     Outside of the real estate industry (agents, brokers, NAR, mortgage lenders, etc) there hasn’t been much publicity about this going on.  That needs to change.   Too many future home buyers will be affected, as well as home owners who have been stymied by the real estate market in trying to sell their homes.

Currently the FHA mortgage with it’s low down payment is one of the most used mortgage products in Macomb County. Most first time home buyers and even many repeat home buyers are applying for and obtaining an FHA mortgage for their home purchases.  Increasing the required down payment on this mortgage will cause some potential home buyers to wait to purchase, or even worse, keep renting.

I will keep my eyes and ears open to let you know how this progresses.

Kris Wales – a partner for you real estate needs in Macomb County MI
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