FHA rules are changing
Hi,
Welcome to the Thanksgiving weekend, and the last couple days of November. We are finally getting some winter like weather here in the Phoenix area. For us that meant a couple days of rain, and now back to our sunny days with highs in the low 70's. Gotta love it!
I just received an email with some info reiterating the new FHA rules that go into effect soon. So, to summarize them, here are 4 reasons for the FHA buyer to act now.
1. Rates as of yesterday were around 5.625% (depending on lender) on a standard 30 year fixed rate with no points. Interest rates have been adjusting significantly both up and down on a daily basis with the market turmoil, so it may pay to take advantage of the current rates.
2. The FHA loan limit for Maricopa county remains at $346,250 Until January 10, 2009 when it adjusts downward to $271,000.
3. The minimum FHA down payment will be increased to 3.5% from 3% after January 10, 2009.
4. Qualifed buyers can take advantage of a $7500 tax credit applicable to their 2008 tax retrurn. (Consult your tax advisor for details)
So, if you have been sitting on the fence, consider the low prices and the coming FHA changes. Now may be one of the best times to buy.
Adam Tarr, ABE, E-Pro, Assoc. Broker
RE/MAX Excalibur
Scottsdale, AZ
Your Phoenix area Real Estate Source
www.WeAreAZRealEstate.com