The Federal Housing Administration has made some changes to their FHA loan programs. These changes will mean that, should you want or need an FHA loan, you will be required to have a little better credit score, pay more in MIP towards a funding fee, and be prepared for a little harder to get appraisal.
These changes make sense for a myriad of reasons, the main one being to protect the United States economy from being blind sided by the fault and freedom of the masses to act stupid. No longer will any large percentage of people be allowed to beg, borrow, and steal (via lying) from lenders, insurance companies, and the populus with ease.
What should have been, and now is more definite, is for people to seek the aid of a knowledged professional to help them through the complicated process of real estate purchase. It was foolish of all of us to complacently allow a lot of people to purchase homes for inflated values with monies that could only be repaid by promise and not proof. Today there are changes in just about every aspect of real estate that create confusion on purpose. It is here that I inform you that, unfortunately, the majority of real estate practitioners have not self educated to the level where they understand and are able to relate, in simple terms, the effects of the changes.
I am proud to say that I work hard every day to better understand, so that I may teach, everything about the market, borrowing, re-payment, energy consumption, insurance, construction, and more.
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