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FHA will issue a mortgage letter with some significant changes to FHA loans.
Some of the changes:
Up Front Mortgage Insurance Premium raised from 1.75% to 2.25%
Seller Concessions Reduced from 6% to 3%
New Provisions for borrowers with lower credit scores. Some FHA lenders would allow a 580 Credit Score or below. Now if the credit score is below 580, 10% must be the down payment.
For more information click here to be taken to the US Department of Housing and Urban Developments page.
Thursday, January 21, 2010
Changes to FHA
Posted by Colorado Success Team at 12:33 PM
Labels: Buyers, first time buyers
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1 comments:
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