FHA financing has been gaining market share and because of that, I wanted to pass along the following benefits of FHA financing in our Charlottesville housing market

1. FHA only requires 3.5% down and that can be in the form of a gift.

2. Remember if someone qualifies for the $8,000 tax credit than the gift can actually become a short term loan which should make it easier to get the “gift”.

3. 620 credit score qualifies you for the best available interest rates, currently around 5.5%.

4. Two years after a bankruptcy, FHA will allow you to purchase again assuming credit history since BK is good.

5. Seller can pay up to 6.0% CLOSING COSTS which could be used to lower the interest rate to help qualify.

6. Reduced monthly Mortgage Insurance premium because FHA allows you to finance a portion of the MI over the life of the loan.

7. FHA loans are ASSUMABLE to qualified borrowers which should help w/re-sale.

8. Loan limits in Albemarle County are $437,000!

Low interest rates, seller concessions, price reductions, tax credits--no wonder we're starting to see the market warm up!

Call or e-mail me with questions or comments.  I'm always happy to talk real estate!

Fulton Gaylord--Assoc Broker

Keller Williams Realty

Charlottesville  VA  22901

Fulton@kw.com

434-220-2228