It looks like there are some fairly significant changes in FHA rules coming at us. Because our area typically sees a lot of government-backed loans – specifically FHA and RDA – this could have an impact on local buyers.
*Watch for upfront Mortgage Insurance Premiums (MIP) to increase to 2.25% of the loan amount.
*Minimum FICO scores are going up to 580 for those who want to take advantage of the 3.5% down.
*Borrowers with FICO scores lower than 580 are looking at a required 10% down.
*Seller concessions will be lowered from 6% to 3% maximum.
Interesting changes – could have an effect on borrowers, but knowing in advance what’s going on will give us time to plan, and we can still get you to where you want to go!
April 11th, 2010 at 2:39 pm
В этом что-то есть. Понятно, большое спасибо за информацию….
*Watch for upfront Mortgage Insurance Premiums (MIP) to increase to 2.25% of the loan amount.
*Minimum FICO scores […….
May 4th, 2010 at 4:16 pm
давным давно посмотрел и забыл ужэ………
банке ПРЕДЛОЖЕНИЕ: It looks like there are some fairly significant changes in FHA rules coming at us…..