new fha guidelines: FHA buyer Guideline changes for Feb 1st, 2010 attention Hampton Roads
- 01/31/10 02:00 AM
It is important for everyone to know that FHA Guidelines for new loans will change again around Feb 1st, 2010. This will effect new buyers and those trying to sell a home. Changes are designed to help stabilize the market but the effect is to be determined. The changes include: 1.Increase the up-front mortgage insurance premium (MIP) to 2.25%; 2.Update credit score and down payment requirements for new borrowers; (check with your loan officer) 3.Reduce seller concessions to three percent, from six percent; and 4.Implement a series of significant measures aimed at increasing lender enforcement. Obviously these changes will: For new buyers- you … (2 comments)
How many of you feel lost out there or even get help from someone such as a realtor letting you know that they can have their mortgage loan officer help you with your loan, yet you could still be lost. Not all referrals are good ones, just food for thought. I know this, because I have seen it happen more than it should, after a borrower comes to … (1 comments)
Property Flipping guidelines extended by FHA , until May 2010! What does this mean and who does this affect? What is property flipping? No .......it's not flipping your home with another couple as seen in trading spaces on TLC!
FHA GUIDELINES STATE THE FOLLOWING: Property flipping is a practice whereby a recently acquired property is resold, often for a considerable profit. Most property flipping occurs within days or a few weeks of acquisition and usually with only minor cosmetic improvements, if any. While there … (1 comments)
It is important for everyone to know that FHA Guidelines for new loans will change again around Feb 1st, 2010. This will effect new buyers and those trying to sell a home. 
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