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Mortgage changes coming around once again – what it means for Macomb County MI home buyers

September 10th, 2010 · No Comments · fha mortgages and first time home buyers, mortgages in michigan, tips for home buyers

Wow.  Once again we have some major mortgage changes coming and until things are settled (by HUD and FHA) it could become very confusing for home buyers, and will most certainly affect the Macomb County area as well as the rest of the state.

One website that I am thrilled about is called Mortgage Myth Busters.   It is a collaboration of blog style articles written by mortgage professionals all over the country.  Most of these authors are mortgage professionals that I have been following for years, as well as are my “go to” people to receive answers to questions by my first time home buyers.

As always I will be keeping on top of the changes proposed by HUD and FHA, and will watch to see how all of the proposed changes evolve and affect my first time home buyers.  Some of the changes include:  Higher mortgage insurance premiums,  and the lowering of allowable sellers concessions to buyers from 6% to 3%.  (This one specifically I think is going to hurt many first time home buyers in my Macomb County region)

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