My New Blog

With the FHA announcing new guidelines for downpayment and MIP premiums, the possibility  of home ownership may be out of reach for many couples. Thus said, is it basically a bad deal that some potential buyers may not get a home? During the past years, home ownership in my opinion has been too easy. Not all buyers are competent to understand that there is more to home ownership than paying the monthly mortgage payment. There will always be that unexpected home repair, the increased property taxes, and the homeowners insurance deductable. Homes also don't come with lease termination clauses. It is far more costly to walk out on a mortgage than a lease. With the FHA tightening the lending requirements, more first-time home owners will be forced to take a greater financial stake in their homes. In my opinion, it's a step in the right direction.

If you are looking to buy in 2010, please take the time to talk to your lender. He will discuss the FHA requirements and get you pre-approved to purchase your new home. Once pre-approved, contact your Realtor to assist with your new home purchase.