Clearwater FL | Tampa Mortgage Update for FHA Home Loans
Clearwater Florida – While we are rarely working with FHA loans these days on the waterfront and beaches – we are seeing some deals where people are buying homes that do fall under the current Tampa cap of $300,000 and it’s their primary residence so they can take advantage of a FHA Tampa Mortgage. The other reason I wanted to share this information is because whatever Fannie and Freddie do…it seems before too long we see similar things being applied to conventional loans too. So here’s an update on some new issues home buyers need to be aware of when buying homes or condos in Clearwater and the Tampa Bay area if you’re getting an FHA mortgage and the home seller consessions has agreed to pay up to 6 % of your closing costs and possibly prepaids:
Not All FHA Lenders are Counting 6% Seller Paid Closing Costs the Same
There has been a lot of talk about recently whether the FHA would coninute to allow the maximum amount a seller could contribute to a home buyer’s closing to be 6% or if they would drop it to a maximum of 3%. I got this great video today from Brian P. Forrester of TriCounty Mortgage (see below). Brian explains that this change hasn’t happened yet, however, buyers are getting “surprised” by some others depending on your lender and you do need to realize that before (worst case) you didn’t budget enough money to close=>
Now… if the seller IS paying up to 6% some lenders are counting the cost of the “owners title policy” in that 6% so this could mean $800, $1000, $1200 more you may have to be prepared to bring to closing.
This video is short and Brian knows his stuff so I’d encourage you to check it out to hear him explain it.
Call Brian at 727-216-8138 if you have more questions – he’s an expert at helping buyers with FHA, VA and home mortgages in Tampa Bay.
And if you’re looking for a Clearwater Realtor we’d like you to know that we are passionate about being your real estate advocate. We’re committed to delivering Results daily based on Integrity, Knowledge & Experience – helping you find the perfect Clearwater FL homes for sale.
We’d like to be YOUR Clearwater Real Estate Team!
Call Cyndee @ 727.710.8035 or Jack @ 727710.8036
Cyndee and Jack Haydon
Charles Rutenberg Realty
Clearwater Real Estate Office
1545 S. Belcher Rd
Clearwater Florida 33764
727-710-8035 (Cyndee’s cell)
727-710-8036 (Jack’s cell)