Hal's Mortgage Blog

January 20th, 2010 8:28 PM

 

In a nutshell this is going to cost homebuyers MORE money.

 

While no "date" has been set, the press release said it would be late spring/early summer when these changes are expected to take place.

  • Lower credit scores will require more down payment money
  • Up Front Mortgage Insurance Premium (MIP) will increase from 1.75% to 2.25%
  • Monthly Mortgage Insurance will increase from .50% to .55%
  • Seller contributions will decrease from 6% to 3%.

Another reason to buy now rather than later!

 

To read the entire announcement go to FHA Policy Change

Posted by Hal Tennant on January 20th, 2010 8:28 PMPost a Comment (0)

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