I have told you before that you can't believe what you read, unless it comes from what I write, of course. The word has been going around that FHA would be lowering the amount the seller can pay toward the buyer's closing costs. Doing this would have a http://blog.american.com/2012/01/five-reasons-president-obamas-mass-refinance-plan-deserves-to-be-a-non-starter-and-two-modest-alternatives/catastraphic effect on the entire housing market. With the government doing everything they can do to jump-start the housing market, they realize that a change like this could be detrimental to an improving economy. They aren't stupid! Just last year there was talk that the President was proposing changes to the conventional mortgages where they would finance only 70% of a home purchase price. In other words, they were going to require a 30% down payment. I read this too, but I have been in the business long enough (4 decades ), that I knew that this would never come to fruition. This too has little chance of happening. Rest easy, better days are here, and they will continue to improve.
Andy Williams NMLS # 118317
President
Abacus Regional Mortgage NMLS # 113984
484 695 5972
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