The unannounced news outta the FHA this week is that lenders are requiring 580 credit scores to do loans at 100% with the AmeriDream 3% gift from the seller. What does this translate to in the Real Estate world you ask?? Flexibility from both the buyer and the seller if you want to get the deal done.
More often than not when facing FHA financing and you will as Real Estate professionals , buyers or sellers will be dealing with this on a more common place occurrence. If the buyer wants closing costs as part of the seller concession then the seller could be looking at close to 7% off the list price to complete the transaction. What does this mean? Value of the property rules out potentially 50% of the market for the buyer. Be careful as the seller how to price the property because the real inevitability is you may need value and flexibility to sell your house in the coming year. Appraisals are becoming much less tolerant at providing the value your home is worth so the whole equation now must make sense to the buyer, seller and the lender. Please do not hesitate to go to our website at www.tombrewerjr.com for more information.
Thursday, March 27, 2008
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