At some point we have to ask......Can we make it any more difficult to buy a home or condominium?
I mean come on!!! The new ways of lending are great, but it's making it more and more difficult for people to complete transactions.
What is next? This is an interesting article on new FHA lending fees. We at http://www.investsmarter.com/ must ask how can people keep shelling out more and more money to close on a home? There are a few great solutions and please take a look at our Forum Section and provide us with feedback!
Daily Real Estate News August 29, 2008FHA Raises Upfront Premiums The Federal Housing Administration announced Tuesday that it is increasing the upfront premiums charged to most borrower to guarantee that a mortgage will be repaid. Effective Oct. 1, most borrowers will pay 1.75 percent of the loan amount, up from 1.5 percent because the FHA is adopting a “risk-based” pricing system based on borrowers’ credit scores and the amount of their down payment or equity.On a $300,000 loan, the new upfront premium works out to $5,250, up from $4,500. The annual premiums paid by borrowers would remain at 0.5 percent to 0.55 percent of the loan balance.Source: The Wall Street Journal, James R. Hagerty (08/28/2008)
So what can we do? Owner financing will be the wave of the future!
For more available properties please turn to http://www.randbcoastalrealestate.com/ for property for sale in and around Panama City Beach Florida.
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