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Macomb County MI Real estate

Macomb County MI real estate blog

Update on FHA mortgage changes

November 5th, 2010 · No Comments · fha mortgages and first time home buyers, mortgages in michigan, tips for home buyers

Over the last year I’ve tried to keep my readers up to date on changes that were coming for FHA mortgages and what it means for future home buyers in my Macomb County area.

One of the gentlemen that I look to for advice when it comes to FHA mortgages is Jeff Belonger.  He is a highly knowledgeable mortgage professional based in New Jersey.  (Why would I seek advice from a New Jersey mortgage lender?  Because he knows his stuff.  BTW, he can also help you with your mortgage, whether you are in New Jersey or Michigan.  That’s the beauty of fax, Fedex, and email.)

An area of concern through all of the FHA changes that were proposed was the lowering allowable sellers concessions (closing costs that the seller can pay for the purchaser) from 6% to 3%.  That didn’t end up happening, and I am grateful that it didn’t.  Most of my home buyers rely on that full 6% of help to obtain their homes, and to cut it by 1/2 would be a true hardship for them.

Jeff wrote an excellent article that highlights the changes that have happened, the myths that are still being talked about as truths, and rumors that just won’t quit.  I highly suggest anyone who is considering purchasing a home read Jeffs article, as well as bookmark his blog for future reading and reference.

~Kris Wales~  Ask me about buyers agency in Macomb County MI
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Important copyright information: All photos were taken by Kris Wales. Do not copy and use photos for your own use, whether it be for personal or commercial purpose. All articles were written by Kris Wales. Once again, do not copy and use for your own purposes. Important disclaimer: Views expressed on the blog by the author and commenters do not express the views of Keller Williams Realty. All information contained is deemed to be reliable at the time of posting but not guaranteed.