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New Rules For First Time Homebuyers

The rules are changing for many new buyers who are now in the market for a home. The cost of borrowing continues to become more expensive, with insurance fees on government mortgages doubling in the past seven months. As this Smartmoney article explains, the reason for the spike in costs is the lenders’ way of recouping the huge losses they have suffered over the past few years. Due to the changes, buyers should consider putting more money down to avoid paying the higher insurance fees on loans. They should also be prepared to stay put for at least 10 years to assure that they recoup the costs involved with the purchase. Read more

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