Again we are finding out that no matter what fico score we have, it is still a challenge to obtain credit. Now please don’t be alarmed – let’s just say the process is a bit more lengthy if you are applying for a home loan or credit. It is beginning to look like our financial system is failing consumers time and time again. No matter how hard we work and save to make a difference to support our families, there are new restrictions and obstacles. Since the mortgage melt down, consumers have experienced let-downs and a crumbling economy. The Federal Home Administration (FHA) even began tightening their guidelines. This entity is the fairest entity when it comes to obtaining a home loan. FHA’s loan-to-value was set at 97% which is going to be changed to 96.5%. What this means is the consumer’s down payment will be 3.5% instead of 3%. .05% may be looked upon as a small amount, but to many it is a lot. To make matters worse, FHA allowed assistance programs to make up the back-end difference such as closing cost and additional assistance with the down payment. Well I am sorry to inform you that those programs are on their way out the door beginning October 1, 2008. This eliminates a vital program to help consumers who needs additional assistance in purchasing a home.
About Me
- Michael D. Mosely
- I am a mortgage professional and I take pride in what I do. My attributes are taken very seriously, such as honesty, treating others the way I wish to be treated and very caring for my family. I come from a strong Christian background and believe in always acknowledging God in all that I do. As many, I am on a journey trying to accomplish my dreams and goals. Being me is all I want to be. I am very confident and push hard to give my all.
Thursday, September 25, 2008
FHA CHANGES
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It seems that way but I am always fighting for the underdog! I believe in the RAGS to Riches story and I have private investors who will loan with no credit check, no income verification so the playing field is even! www.newhorizonarizona.com for details.
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