New FHA Loan Changes Scheduled
March 27, 2010 by Pam Salls
In an effort to help FHA better manage risk while maintaining support for the housing market, the FHA has announced some policy changes.
The changes that effect buyers are as follows:
1. Mortgage insurance premium (MIP) will be increased from 1.75% to 2.25% in an effort to build up capital reserves and bring back private lending
2. Update the combination of FICO scores and down payments for new borrowers. New borrowers will now be required to have a minimum FICO score of 580 to qualify for FHA’s 3.5% down payment program. New borrowers with less than a 580 FICO score will be required to put down a minimum of 10%.
New Changes From HUD in 2010
January 13, 2010 by Pam Salls
The U.S. Department of Housing and Urban Development (HUD) has approved two new forms which will play a major role in real estate transactions. Both the Good Faith Estimate (GFE) and the HUD-1 Settlement Statement have changed dramatically. These changes were years in the making and became effective as of January 1st, 2010.
Here is a short overview and how it effects you, the client:
Pam Salls
