Here is an interesting article from the Washington Post on the possible changes to FHA loans in Reno, NV and across the country.  These changes could include increasing the down payment to 5% (currently 3.5%), decreasing seller contributions to 3% (currently 6%), increasing the monthly mortgage insurance, increasing the upfront mortgage insurance and increasing the minimum credit score.This could definitely affect many of the buyers we’re seeing in the marketplace, especially the first time homebuyers.  Please share these possible changes with your buyers and encourage them now, more than ever, to get serious with their home search before they may lose the ability to qualify.

Click Here To View Article: http://www.washingtonpost.com/wp-dyn/content/article/2009/12/02/AR2009120200025_pf.html

I hope you’re having a great holiday season,

Stephanie

 

 

Stephanie Hanna

Mortgage Banker – Academy Mortgage

4773 Caughlin Parkway, Suite 1 – Reno, NV 89519

C: 775 762 9114

F: 866 613 7142

E: stephanie.hanna@academymortgage.com

http://www.academymortgage.com/StephanieHanna

Filed under: LOAN INFORMATION