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There has been quite a bit of turbulence in FHA land for the past few weeks. It’s a long story, but basically the Federal Housing Administration has started tightening its guidelines and stepping up its buyback activity, and that’s caused many lenders to raise their FHA pricing or stop originating them altogether.
Great News For First Time Buyers
On the bright side, conventional guidelines have been loosening, and it’s now much easier to get 3% down loans done with conventional mortgages with Fannie Mae has releasing their updated Homeready loan program.
If you are planning on shopping for a Lowell home contact Chris Tryon ~ The Tryon Group of ERA Key Realty Services. We will work with you to find the right solution for you.