A Word to the WiseJune 10, 2008
by Linda Hutchinson
While luxury clients don’t worry about loans…cash rules in the luxury world. There is a savior for most borrowers in the market today and it’s called the FHA loan. These loans are perfect for the borrower who may have “iffy” credit and little down. It allows down payment assistance and some of buyer’s costs to be paid by the seller.
BUT HEED THIS WARNING…with foreclosures mounting, HUD is already working to STOP seller assisted FHA loans and this could severely hinder your ability to get a loan. So for those of you who are thinking, have thought or are in the process of getting an FHA loan…get a house NOW. There is no way of knowing how long HUD will allow this great loan to stay afloat and you don’t want to wait.
Read today’s Wall Street Journal for more information!