If you had a short sale in the past 2 plus years and thought you were going to be able to purchase a home now that you have saved a new 20% down payment, Fannie Mae is changing things on us again. You will be forced to fund your loan with an FHA loan instead of a conventional 20% down loan.
The added costs will include:
1) 1.75% funding fee at close of escrow
2) A monthly mortgage insurance premium of 1.35%.
Based on a purchase price of $350k (280k loan amount, 20% down) you will be required to pay:
1) $4900 up front MI fee
2) $315 per month until they can re-fi into a conventional loan.
Fannie Mae has announced that on August 16, 2014, they will be changing the waiting period associated with the purchase of a any home after a short sale (or a deed in lieu of foreclosure), from a minimum of 2 years to 4 years!
If you fit this criteria and have been on the fence about purchasing a home and want to get it done you must get your loan application in and a D/U approval prior to the August 15th deadline! You don't have to have a home picked out or be in escrow but you must apply for the D/U approval which can take a few days to get.
To beat the deadline they don't have to have a home picked out OR be in escrow; they simply must apply for the “DU” (which can take up to 3-5 days as everyone will be rushing to beat the deadline).
Want to get this started call me today!
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