FHA Financing

FHA Financing is changing a few of the rules. The first rule they changed was the credit score eligibility. Be sure to keep your credit clean to be approved for such a loan. In addition it is taking longer to close FHA loans, at least 45 days to be sure the transaction proceeds smoothly. If you are a buyer looking to purchase utilizing FHA financing NOW is the time as new changes may be coming into effect. These changes include a required 5% down payment as opposed to the 3.5% now necessary as well as the 6% Seller’s Assist being reduced to 3%.
Many purchasers are utilizing FHA due to the extremely strict conventional financing guidelines now in place. Be sure to take advantage of this type of financing before the rules change.