For those strapped for cash for a down payment but comfortable that the actual mortgage payment won’t be a burden, you’ll be happy to know that the market shift has caused the FHA loan program to change. It could be the answer you.
You’ll need to talk with a mortgage professional but it appears the FHA loan program is going to allow the seller to pay 3% of towards the down payment and 3% towards the closing costs.
If you’re wondering why a seller would pay any of the costs that would normally be associated with the buyer, it’s because there are an awful lot of houses on the market in the Tampa Bay area and not nearly enough buyers. That means there are many sellers that are highly motivated. Those motivated sellers would be happy to contribute 6% if it meant their house would be sold.
The key to making this work is working with an excellent realtor and an excellent mortgage professional. It’s a time where creativity can go a long way. It can be the difference between being a renter and a homeowner.
Tampa Bay area under normal economic times is a highly sought after area. If you’re able to enter the market now, when the economy turns around you’ll actually be sitting in an excellent financial position with equity already building in a home that will be worth more.
If you’ve been considering buying a home, why not talk to a Bahia Mortgage professional about the changes to the FHA loan program.