Mortgage Change Deadline Approaches

Would be home buyers take note, changes are coming to all new FHA mortgages, as of October 4th, 2010 all new case # files will be effected by the new rules, regulations and guidelines. There are several points that will be important for buyers:
1)The upfront MIP (mortgage insurance premium) will likely increase;
2) Buyers with FICO credit scores "over 580" buyers will still be able to put down only 3.5% (of the sales price) but with FICO scores "under 580" buyers will be required to put down at least 10%;
3) Closing cost assistance will be capped at 3% now instead of the 6% it has been.
*Of course there are other rules and I have included a link to it (click on the title) for more information. These rules are designed (I think) to bring back responsible home buying and lending. If you have been thinking about getting into a new home, now is the time! Even with all the changes it is still a great time to own a home. Interest rates have risen slightly but are still incredibly low and the selection of homes is still excellent. Contact a trusted Realtor.