Southwest Michigan Market Information

January 28th, 2010 9:13 AM

Major Recent Changes to FHA Loans

Here are the highlights:

  • Mortgage insurance premium (MIP) will be increased by 50 bps to 2.25% 
     
  • 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 at least 10%

  • The allowable seller concessions will be Reduced from 6% to 3%
     
  • There will be an Increased enforcement on FHA lenders
Posted by Brenda Regan on January 28th, 2010 9:13 AMPost a Comment (0)
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Brenda Regan, Broker Associate, Realtor, CRS, GRI, ABR Attila Real Estate 3665 So. Lakeshore Drive Saint Joseph, MI 49085
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