Home Buying in Urbandale>Question Details

Anonymous, Home Buyer in Urbandale, IA

I heard FHA loans are changing soon. What are these changes and what does this mean for me if I wanted to get an FHA loan soon?

Asked by Anonymous, Urbandale, IA Thu Feb 14, 2013

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In simple terms the cost for financing an FHA is going up. You have a short time before the changes take effect so I would kick it in gear if you are sitting on the fence. The new changes could cost you thousands of dollars over the life of the loan. But like many Americans, if FHA is your only option for financing, don't worry! You can always refinance the loan in a few years once your credit gets better, or you have more time on the job, or you just lacked the extra down payment in order to go Conventional. At the end of the day, buying a home in today's market is a great investment, and now that the prices and rates are still low, there isn't a better time to buy.

Best of Luck!
0 votes Thank Flag Link Fri Feb 15, 2013
Great answer John...

I would add that knowing your options and how to qualify for them can help reduce the stress involved in getting a mortgage, as well as saving money each month!

There are several types of loans and they each have specific details that can make big differences in your monthly payment, cash out of pocket, etc.

I like working with my customers to find the right loan...Conventional, USDA, FHA, VA...that fits their specific needs. Planning ahead just a little can help you qualify for the most beneficial loan terms possible.
Web Reference: http://www.chedester.com
0 votes Thank Flag Link Fri Feb 15, 2013
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