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There has been a great deal of discussion over the last week about the new FHA guidelines going into effect April 1, 2012.  Much of this talk has revolved around the issue of collections and disputed accounts on credit reports. (Short version- if you have collections/disputed accounts totalling more than $1000 you need to handle your business if you plan on using an FHA insured mortgage product).  While this is all important to know, there is another change that takes effect on April 1, 2012 that is of great interest to many many buyers in the market today.

The change we are talking about is the change in the Mortgage Insurance (MI) upfront and monthly premium amounts.  Essentially the rate is currently set at .55% and will be increasing on April 1, 2012 to 1.25%.  So…?  Well here is the So…and whay it is so important to many buyers…

Currently on a $100K mortgage your mortage insurance amount would be $44/monthly under the new formula that would increase to $100/month.

Currently on a $200K mortgage your mortgage insurance amount would be $88/monthly under the new formaula that would increase to $201/month.

Most buyers are less concerned with the total cost of a home (Sales Price) and more concerned with WHAT WILL MY MONTHLY PAYMENT BE??  As you can see the change taking effect on 1 April, 2012 will substantially increase monthly payments- or decrease buying power of the buyers currently in the market.  So if you are in the market, or were thinking of buying a home in 2012 and were waiting..don’t wait any longer.  Now is the time to move forward and harnass your buying power- stretch your dollar- get the most for your money!!!  Call me today! (Dawn 214-604-4561) Let me help you find the home you are looking for and have you take advantage of our rebate program.

And if you are considering putting your home on the market- NOW is the time- prices in the area are doing well, some even climbing, all good- with the added push of buyers trying to find a home and execute a contract before 1 April, 2012- you want your home out there!!  Call Avery Realty Group today to take advantage of our 4% listings and get your home in front of buyers!

Avery Realty Group Forney   Rockwall   and all of North Texas

Why pay 6%…we offer 4% Listings !!

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