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The FHA is going to tighten lending standards on January 1, 2010.
The exact extent of the credit tightening is not clear, but the result will be less people qualifying for FHA loans for purchase and refinance. In addition, the FHA will comply with tighter appraisal standards. In the first half of 2009 FHA financing was used in 19% of new home purchase and that number should increase in the second half of this year. The FHA is simply running out of reserves and must slow down the lending by tightening standards.
The rules of real estate are under constant stress and change. Never before has there been such a need for a true real estate expert. Pick your Realtor well.
1 comments:
Oh! This is awesome! Thanks for dispelling a few
confusion I have read regarding this as of late.
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