Greetings...
I hope you are all in a nice cool spot reading this!!
I'm sorry that I've been a slow on the updates lately. I've been super busy with real estate. It seems now is the time to buy and the buyers are out in droves. I've had three contracts in less than a week - so you know I'm not complaining!! I'm telling you all that to tell you this. There have been some changes in the laws that will cause some big changes in the lending industry. The down payment assistance programs that we use a lot with FHA loans are going to be a thing of the past come this fall. What does that mean for buyers? It means that if you want to buy a house with no money down you need to call me NOW because you have to be qualified by September 30th to be able to use this type of loan. Otherwise you are looking at having to put money down. In the past it was always 3% (with a 97% loan) - looks like now they will be upping that to 3.5%. So on a $100,000 home you will need $3500 for your down payment (plus all the closing costs, etc.) This is all breaking news so I will try to keep you up to date as the lenders send out information to us Realtors.
In the mean time - if you are thinking about buying a home - NOW is the perfect time...Call me!!
---Leigh Anne
