I'm glad that I am a Colorado Springs Realtor®, even though financing options appear to have stiffer regulations during these changing times in the real estate market. So it's beneficial to keep abreast of what's also happening in the lending industry.
According to the National Association of Realtors®, FHA's total endorsements have increased 70% regarding home sales and refinances. Although FHA financing is easier now than say a few decades ago, road blocks along the way can also be expected. I believe it is imperative to find the right lender for your buyer - someone who has a relative sense of control throughout the entire real estate transaction process. If you need a lender referral, please do not hesitate to contact me.
One particular modification about FHA is that it has increased the minimum down payment from 3 to 3.5 per cent. And according to the NAR, gifts, typically from relatives, are permitted from eligible sources.
Thought I would share some tidbits about how to get through the obstacle course of Colorado Springs Real Estate a little easier.