Yes FHA is going to reduce sellers concessions from 6% to 3% this spring. There is no exact time.
But if you are a metro Detroit home buyer now might be the time to jump into the real estate market before you have to come up with more money.
Let me give you an example of closing costs when buying a metro Detroit home.
Average closing costs are about $2200
3 1/2% required downpayment on $100,000 home $3500
Estimated taxes on some $100,000 homes $3600
So on a $100,000 you could need about $10,000 by the time you include inspections and insurance. Many home buyers don't have that kind of money. They need sellers concessions - money from the seller to help pay the closing costs. If you are planning to buy a home this spring and need help from the seller for your closing costs you may want to buy sooner. Before FHA reduces the limits
__________________________________________________________
I am walking in the Tampa 3 day cancer walk in October. Support cancer research by going to www.the3day.org/goto/marianneravary and donate as much as you can. My wife got to live 20 years after finding out she had breast cancer due to advances in cancer treatment. Be part of the team and help me. I would like to be able to give some other "special lady" (like my wife Marianne) more days on this earth. If we can give another lady another night to enjoy with friends, an extra week to laugh & hug her kids, an extra month to love her spouse, or an extra year then our money will be going to a good cause. The grants from the Susan G Komen 3 day walk have been instrumental in cancer research. Help me give more time to somebody else please donate to the 3day walk. Thanks
Russ Ravary your Metro Detroit realtor
Excellent point Russ. Now would be a good time to get in as you point out.