It’s going to start to get a little harder for some FHA buyers to qualify for a loan.  Starting April 5th, 2010 buyers will now need a FICO score of 580 or higher to qualify for a 3.5% down loan.  All buyers with a FICO score of 579 and under will require a 10% down payment in addition to PMI insurance, meaning loans just got a whole lot more expensive for FHA buyers.  But it is very important to note that most lenders will not lend to buyers with a FICO score of less than 620.

All FHA loans after April 5th, 2010 will include an increase in PMI insurance of .5%.  There are also plans for seller concessions to be reduced from 6% to 3%, but no date has yet been released for that change.

Traditionally FHA loans were not FICO score driven, but as the market continues to soften, financial regulations are being put in place for buyers.  Plainfield IL home buyers need to pay special attention to these requirements when trying to take advantage of the first time home buyer credit.

If you are thinking of buying a home in Plainfield IL, or a neighboring community?  It’s important to move quickly to take advantage of the tremendous opportunity between now and April 5th.  Don’t miss out on the most affordable time to purchase a home… right now!

Call me at 630-673-6233 to get connected with a local Plainfield IL loan officer for your complimentary loan pre-approval from one of my preferred lenders!  There has never been a better time to buy a home in Plainfield IL!  Don’t get locked out of today’s market!!!

Julie Ferenzi | Realtor®
Plainfield IL Homes for Sale
630-673-6233