Here is a summary of proposed changes to FHA Guidelines that should be passed February 1, 2010. Buyers using FHA loans will be able to purchase bank owned, foreclosed and HUD owned properties – properties which are often the best deals. These changes will allow buyers using FHA loans access to affordable properties – an important advantage in our current market. FHA financing allows for low down payments – as low as 3 ½ percent as well as allowing up to 6% of the purchase price for seller assistance to cover closing costs. Some changes are on the horizon for FHA loans which will cost buyers more money, so the window of opportunity to maximize the use of these loans may close soon.
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