If proposed changes are implemented, buyers will have to come up with more cash to close on a home purchase. Currently a buyer can purchase a home utilizing the FHA program with only 3.5% down. Proposed changes will bring that to 5% down. One other major benefit buyers have been able to take advantage of is help with closing costs. Currently a seller is able to contribute up to 6% towards a buyers closing costs and prepaids which saves the buyer a pile of money. It looks like that will be capped at 3% soon.
There are a lot of changes going on in the real estate market right now. Basically, the sooner buyers make their purchase, the better off they are. With a tax credit of up to $8,000 for first time home buyers (haven't owned a home in 3 years), only 3.5% down payments and 6% seller contributions, you cannot go wrong! BUY NOW!!!!
Call Gabe Fitzhugh with Burbach Realty Services at (386) 754-2818 or email gabe@gabefitzhugh.com to get help with finding your new home! You can also visit my website: http://www.lakecity-florida.info/ and start searching for your new home in Lake City Florida and surrounding areas.