Brian Foxworth: Questions & Answers for Mortgages & More

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Home : Blogs : Brian Foxworth SC, GA, FL, & TN Mortgage Loans : Brian Foxworth: Questions & Answers for Mortgages & More : Archives January, 2010

FHA Announces PROPOSED Policy Changes - PROPOSED - Not Definite - 01/20/10 10:37 AM

FHA has announced proposed guideline changes for the near future. Once the release the facts and start dates for any changes, I will update the details then. Here are some of the proposed basics they are looking at right now:
* Current FHA upfront MIP is 1.75% (this is typically financed on top of the loan amount) Change to 2.25%
* Current FHA monthly mortgage insurance premium is .55% Possible change, not disclosed amount yet
* Seller Concessions currently 6% (The basic guideline does not include seller paid closing cost as part of the Concessions, but things like a microwave, blinds, … (0 comments)

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