Buyers and Sellers Beware!
There will be a change in the FHA guidelines: The government is lowering the price limitations in Orange and Dutchess counties in New York from $443,000 to $356,500. This will take effect on January 1st, 2009.
How does this affect you as a buyer? This means you will have to push to get your loan closed by December 31st, 2008 or you will NOT be able to close the deal with this type of loan if you are not under the new purchase price limit. NO EXEPTIONS!
How will this affect you as a seller? If your price is above the new price guideline, you will now have a smaller target market. If you currently have a buyer who is seeking FHA financing, you need to close prior to January 1st, 2009 or your sale may be in jeopardy. Speak to a Realtor who truly understands this fast-changing market and can guide your best interest.
For additional info, feel free to contact me, Debra Quartuccio, Licensed Real Estate Associate Broker on my cell at: 845-325-3794 or via email at: DQ@RealtyAgent.com