FHA had a market chare of just 2% in 2006. Today, that market share is 23%. Most importantly, FHA is the source for First Time Home Buyers. FHA currently finances 80% of First Time Home Buyers.
September 30th marks the new efforts of FHA to find stronger buyers in it’s portfolio of Mortgages that it insures.
FHA has already began to tighten its requirements for loans. Two years ago, the minimum credit score was 560. Today, the minimum credit score is 620.
Bottom line here is if you are a homebuyer, don’t procrastinate. Find the right home today. Even if you find you can’t make the First Time Home Buyer Tax Credit, you can still get the lowest interest rates in a life time. You likely will see interest rates climb by spring of 2010. These low fixed rates are not forever. Act NOW! Low interest rates and low prices will prove to make you a winner!
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