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If you've been on the fence about buying a home, here's some news to consider.

The National Association of REALTORS® has just reported the news that the Federal Housing Authority (FHA) is set to increase fees on FHA loans significantly, effective April 1st.  From the article:

The agency is raising its fees in an effort to try to recoup some of its depleted reserves*, which suffered from the rising number of home owners who defaulted on their mortgages. The agency also says it’s raising fees to try to encourage the return of more private capital to the market. 

FHA loans allow for smaller down payments, as low as 3.5 percent compared to traditional loans, and they often have less stringent credit requirements, which have made them soar in popularity in recent years. (The agency insures loans but doesn’t issue them.) About 40 percent of all new mortgages for home purchases in 2010 were FHA-backed mortgages. 

In particular, FHA will increase two fees that borrowers pay. Starting April 1, it will increase its annual mortgage insurance premium for loans under $625,500,  bringing the total cost from 1.15 percent of the loan amount to 1.25 percent. Starting June 1, larger loan premiums will see an increase of 0.35 percent of a percentage point, bringing the total premium costs up to 1.5 percent of the loan amount, The New York Times reports. 

FHA also announced it will raise a fee for the upfront mortgage premium by 0.75 of a percentage point, which will now total 1.75 percent of the loan amount.

So what does this mean for a typical borrower?  According to The New York Times:

... a borrower with a 3.5 percent down payment with a mortgage of $193,000 can expect to pay an upfront mortgage premium alone of $3,377, compared to the prior $1,930. That can be rolled into the mortgage.

From the example, it's plain to see that these rate hikes will have an impact on how much home you can afford.  But if you secure a mortgage before April 1st, you can avoid these new fees (and save yourself some money).

In addition, these rate hikes will also apply to anyone with a current FHA loan who refinances.  So if you've been considering refinancing, now would also be a good time, before these rate increases go into effect.

Remember, you can search all MA homes for sale right here from my site.  Registration is free, and you are never obligated to buy a home.  And of course, you can take advantage of my Exclusive Buyer Guarantee and save AT LEAST $10,000 on any home you purchase through me.

I'll be holding an Open House at 25 Rolling Lane in Wayland on Sunday, January 15th, from 1:00 pm to 3:00 pm.  Come by and check out this beautiful home, located on an extremely desirable cul-de-sac.

Click to view other Wayland MA Homes For Sale.  Or, see all the Wayland MA Condos For Sale.

And if you're thinking of selling your Wayland home, get a Wayland MA Market Analysis.  Your home could be worth more than you think.

I'm proud to present my new listing at 25 Rolling Lane in Wayland.  This is a 3 bedroom Split Level home on a desirable cul de sac.  Features include hardwood floors, 2 full baths, lovely landscaped lot, central A/C, updated heating system and hot water heater, and more.

Many people rave about the school system in Wayland, and this home is served by the Happy Hollow School, which is just down the street.  The brand new high school, which is also just down the street, is scheduled to open in December.

If you'd like to schedule a showing for this house, EMAIL ME.  This home is priced perfectly for first-time homebuyers looking to move into Wayland and take advantage of all that this great town has to offer.

Click to see ALL Wayland MA homes for sale.

Click  to see ALL Wayland MA condos for sale.

And if you're thinking of selling your Wayland MA home, you can request a FREE market analysis.  You could be pleasantly surprised at the current market value of your Wayland MA home.

In big news for the RE/MAX brand, RE/MAX has won the JD Power Awards in the 2011 Home Buyer/Seller Study.  In fact, "RE/MAX Ranks Highest in Customer Satisfaction among Both Home Buyers and Home Sellers".  Click the following links to learn more:

Buyer Survey

Seller Survey

You can also read the Press Release HERE.

RE/MAX sells more real estate than any other real estate company.  RE/MAX agents average more experience than agents in other companies, and sell more homes on average than agents in other companies.  And now consumers have lent their voice and ranked RE/MAX agents tops in quality.

I'll be holding an Open House this Sunday, August 21st, in Winchester at 189 Cambridge Street from 1:00 PM to 3:00 PM.  This house is truly a hidden gem in Winchester, much larger than it appears from the street, as evidenced by this aerial photo:

More info on this beautiful Winchester home for sale.  Wonderful open concept floor plan, finished lower level, sunroom, pool and jacuzzi, central air, amazing landscaping, and so much more.  This is the perfect home for the first-time homebuyer trying to move into Winchester, as well as somebody looking to downsize and stay in town.

More Winchester MA homes for sale.

See all Winchester MA condos for sale.

Thinking of selling your Winchester MA home?  Receive a free, no obligation market analysis.  Your Winchester home could be worth more than you think.