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FHA Loan changes, 2010
The FHA (Federal Housing Administration) announced policy changes to its FHA loan program. Some of the highlights are below. This is very important for anyone using an FHA loan to buy a home. All the changes are effective April 5th, 2010.
1. Mortgage insurance premium (MIP) will be increased to build up capital reserves and bring back private lending.
2. Update the combination of FICO scores and down payments for new borrowers.
3. Reduce allowable seller concessions from 6% to 3%.
4 .Increase enforcement on FHA lenders.
See the HUD website Announcement.
David McKeever - http://mckeeverrealestate.com
1. Mortgage insurance premium (MIP) will be increased to build up capital reserves and bring back private lending.
2. Update the combination of FICO scores and down payments for new borrowers.
3. Reduce allowable seller concessions from 6% to 3%.
4 .Increase enforcement on FHA lenders.
See the HUD website Announcement.
David McKeever - http://mckeeverrealestate.com
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