Well, not much, obviously or , at least,  hoping is not going to change the new rule.   The upfront costs are going to be a bit higher.

To get that Low Down Payment and Great interest Rate you are going to be required to….

• Pay an upfront mortgage insurance premium of 2.25 percent of the total loan amount, up from the current level of 1.75 percent. A borrower taking out a $200,000 mortgage would pay a $4,500 fee, for example, rather than the current fee of $3,500. Borrowers will still be able to wrap these fees into the total amount borrowed. FHA officials also plan to ask Congress to increase the maximum annual premium that FHA can charge.

So, they may get more expensive.   This will  reduce the number of buyers who can qualify.   There’s more…the credit score benchmarks are changin too, further decreasing the number of buyers a home seller will be able to market their home to.

• Need a credit score of at least 580 to qualify. Many FHA lenders already require a higher score, but there had been no standard requirement across the program. Borrowers with a score lower than 580 will need a down payment of at least 10 percent.

Maybe this is what we should expect all things considered.  I want to remind you a HUD approved lender is not like any other and the more experienced they are, the better your chances of a quick approval and subsequent closing.

Yes, you can buy a short sale in Los Gatos or a house in San Jose that is listed for sale as a short sale.  Interesting concept.