Just when you thought it was safe to go in the water....
FHA notes currently require a 3.5% down payment and the ability to allow a seller to contribute up to 6% toward a buyer's closing costs. The proposed changes for the spring or early summer of 2010 will remain 3.5% down with a good credit score and will rise to a wopping 10% down for scores under 580...
Seller contribution will also be reduced from 6% to 3%.
Now if that's not enough to get a contemplating buyer off the fence, the FED will be winding down some of their current programs that have been keeping the interest rates low.
So buy now and get a great interest rate and the seller to pay for your closing costs with minimal downpayment...or wait till later and see what it could cost you.
Currently our San Antonio housing market has much to choose from with great pricing...our home values here didn't take a nose dive and they are starting to improve in many locations...so I wouldn't anticipate a lowering there with the exception of the foreclosed homes.
For more information or a free San Antonio Home search go to www.HollyGHomes.com.
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