January 2010 Real Estate Statistics and Other Important FHA News!

January Real Estate statistics have just come in from  Prince William County.   In Prince William County home prices were up 22% compared to a year ago.   It really is a great time to sell your home.   We have a surplus of buyers still trying to take advantage of the tax credit.   Remember that for a buyer to take advantage of this credit, they must have a ratified contract on a home by April 30th of this year.

Changes in FHA:

Effective April 4, 2010  the maximum seller concession will be 3%.   This is only for FHA loans.    Upfront mortgage insurance premiums will be increased to 2.25% from 1.75%.   Please let me know if you have any question about these changes.  

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