Potential Home Buyers:
BE AWARE that several loan programs will change on January 1, 2009. The FHA minimum down payment goes up from 3% to 3.5%. The FHA maximum loan amount goes from $346,250 down to around $318,550 (in Arizona). Once a buyer has a purchase contract, a mortgage lender can establish an FHA case number which is the date used for cutoffs. So if the max loan amount and downpayment amounts matter to you – get those contracts written in 2008!
Also, the USDA “Rural” Housing Program will eliminate some of the areas that are currently still eligible for 100% financing. Right now Buckeye, Maricopa (the city), and parts of Anthem and Queen Creek are all still eligible for 100% financing on this program.
Most of my clients are doing FHA loans with 3% downpayments (which is $7,500 on a $250,000 house). The closing costs associated with buying a home (another 2-3% of the price) can be paid for by the seller! Let a Realtor help you negotiate for this! It costs you as a buyer NOTHING to have me as your Realtor, full-time, looking out for your interests. Call me at 480-383-9209 or email me at Becky@BeckyWyattOnline.com – Becky
