A number of important changes were announced today by the FHA to reduce risk and improve its finances:
■The upfront mortgage insurance premium (MIP) will be raised from 1.75 percent to 2.25 percent
■The minimum down payment will climb from 3.5% to 10% if your Fico score is below 580
■Allowable seller concessions will be reduced from 6% to 3%
The FHA also plans to request legislative authority to increase the maximum annual mortgage insurance premium so it can reduce upfront costs for prospective home buyers.
The proposed changes, which apply to all FHA loans, are expected to go into effect in either spring or summer, so you may want to get that FHA loan application in sooner rather than later.
Additionally, the agency will continue to increase enforcement on FHA-approved lenders, and will publicly report lender performance rankings to improve transparency and accountability.
By: Colin Robertson
The Truth About Mortgage.com
Cynthia Rodriguez
Licensed Sales Associate
www.cynthiarodriguez.realpartner.com
www.cynthiarodriguezonline.com
www.cynthiarodriguez.listingbook.com
http://cynthiarodriguezrealtor@gmail.com
My number one goal is to provide my clients with the highest level of Quality Service. I bring to my clients a quality company that's innovative and ahead of the curve in technology as well as marketing. I don't just sell homes...I help move families to the next level in their lives. Quality Service, Dedication & Determination are the building blocks of my Reputation!
- Cynthia Rodriguez
- Patchogue, New York, United States
- Licensed Sales Associate of Coldwell Banker M&D Good Life Real Estate "Service, Dedication & Determination are The Building Blocks of My Reputation"
No comments:
Post a Comment