Tons of changes happening out there and I am trying to keep you updated as I learn more. Most lenders are increasing their credit score requirements for FHA buyers and so we are we. Rates for these products are higher than they were in the past and it looks like it may stay this way for a while. Many of these FHA buyers are now going to be required to pay discount points. This is more than likely going to be standard across the lending world for FHA buyers. This means that the FHA buyers closing costs are going to be higher than they have been in the past. Most of these FHA borrowers are dealing with limited funds so be prepared to accept for the seller to contribute towards your buyers closing costs. Have that conversation with their lender to find out how much you should ask for. Make sure you also prep your seller for FHA buyers
Born and raised in Southwest Florida, I have been in the Mortgage business since 2001 I'm a grizzly, battle tested mortgage veteran. I am also the Host of Rates & Reels, which is the most popular fishing show in Southwest Florida, hosted by a guy named Tim. In my spare time I love spending time with my family, coaching baseball, and anything else my kids or wife want me to do. I would be happy to help you or someone you know with any of your Mortgage needs.
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