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grand junction colorado: Highlights of the FHA Modernization Bills - 01/24/08 05:49 PM
This maybe somewhat boring but there is a lot of confusion out there.
HR BILL 1852
Max FHA loan limit set at the lower of (a) 125% of the local area median home price or (b) 175% of the GSE conforming loan limit.  Provides additional authority to HUD to raise limits additional $100,000 if market conditions warrant.  Floor raised from 48% to 65% of the GSE conforming loan limitLoan term extended to 40 yearsEstablish underwriting standards for "higher risk" borrowers with FICOs below 560Raises the Upfront MIP to 2.25% for standard risk and 3.0 for higher risk and zero downEstablishes lower or zero down programsForeclosure … (3 comments)

 

Joe Adams

Montrose, CO

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Major Mortgage USA/Branch Manager

Address: 1521 Oxbow Dr #125, Montrose, co, 81401

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