Farmington Hills Real Estate and Events talk Michigan

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