If you have little cash to use as a down payment for a home, this information could be very helpful to you.

After a week of rumors about FHA changing its guidelines, as of this date, it appears that in Spring 2010 we can expect these changes.

Seller help toward closing costs is going to be limited to a maximum of 3% of the purchase price (it is currently a maximum of 6%), so this means that buyers will need to come to the settlement table with a little more cash.

The minimum down payment will be 3.5% of the purchase price unless you have a credit score of 580 or less.  If you have a low credit score, you will need a minium down payment of 10%.

So if you are thinking about buying a home this year and have limited out-of-pocket funds, you might want to consider moving up your timeline and buying before the new guidelines take effect.

Want to know all the ins and outs about buying a home, and how you can benefit from the Homebuying Tax Credit incentives?  Attend one of our FREE Homebuying Seminars!  No pressure, no obligation - just information.

Looking for a deal in this market?  Check out this week's Best Buy picks!  Each week our team scours the market and selects 3 properties that we think are real bargains.

Wishing you sunshine everyday and the home of your dreams,
Jeri