National Real Estate News, SHARRON'S BLOG

Great Time to Buy FHA

I was in a meeting yesterday regarding the current financing available for our buyers and the current interest rate for FHA Government loans is anywhere between 5.65 to 5.75%.  The current loan limit is $365,000 with a minimum down payment of 31/2 %  of the purchase price. 

The seller can also contribute money towards the closing costs.  Also, if anyone has had a bankruptcy, you can purchase again in 2 years on chapter 7 and 1 year on chapter 13 and the minimum credit score has to be 580. 

With the housing market at its lowest point in years, this is a wonderful time to purchase a home, and rates will never be lower again.  This will give the buyers that have had any credit issues the opportunity to own a home of their own. 

Please do not hesitate to give me a call at 847-388-7518 and we can go over all of the details, and get you pre-approved.  This could be the best Holiday Gift for many of you that have wanted to own a property.  Have a great Holiday.

Sincerely,
Sharron Kelley,CRS, ABR
847-388-7518

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