Saturday, January 30, 2010

Breaking Real Estate News: More FHA Changes

Hello Again:

In my last post I informed you about down payment changes that are coming to the FHA program. I have now received the full changes, and when you thought it couldn't get any worse - think again: Here are the additional changes...

--> Raise the upfront premium from 1.75% to as much as 3%
--> Eliminate the ability to roll in to loans that don't charge up front premium
--> Increase monthly MIP from .55%
--> Reduce seller concessions from 6% to 3%
--> Raise minimum FICO score
--> Possible LTV maximums by FICO score
--> Increase accountability of FHA Lenders for fraud ( this is good!)

James Gage