Have you been thinking about buying a home in the near future? You might want to do that sooner rather than later.
A friend of mine in the mortgage business told me today that there will soon be a change in the cash investment required for FHA loans.
Currently, a minimum 3 percent cash investment is required for FHA loans. Soon, that will change to 3.5 percent.
Borrowers will still be able to include some closing costs in the new 3.5 percent minimum cash investment.
He did not have a definite date for this change to take place, but he thinks it will be within the next few months.
He did say that he still has some conventional loan products that only require a 3 percent cash investment from the borrower.
If you have been thinking about buying, why wait any longer? An extra .5 percent only means an extra $500 due at closing per $100,000 borrowed, but why not use that money for something else?
Call me at 979-571-3553 or send an email to [email protected] to learn about what is currently available in the Bryan and College Station real estate market.
There’s never been a better time to buy!