federal housing administration: Campaign Launched to Undo Down Payment Assistance Ban - 08/19/08 08:28 PM
Daily Real Estate News | August 19, 2008
Campaign Launched to Undo Down Payment Ban The Housing and Economic Recovery Act prohibits the Federal Housing Administration from insuring loans made with a seller-funded down payment. This essentially bans the practice since nearly all these loans are made with FHA-guaranteed financing. The ban takes effect Oct. 1, 2008.The Nehemiah Corp. of America, the nonprofit responsible for arranging thousands of these loans, has launched a campaign and Web site to persuade Congress to override this aspect of the housing bill. The site includes a countdown clock tracking the end of DPA to the second, a … (2 comments)
|
federal housing administration: FHA Government Mortgage Loans Minimum Credit Score Requirements - Update - 03/28/08 07:10 PM
FHA Product Updates
Effective for all FHA loans registered and/or locked after today, Friday, March 28, minimum FICO scores will apply in all instances regardless of AUS (Automated Underwriting System) decision. Extensions will not be granted.
See the chart below for minimum FICO score requirements for all AUS FHA loans*.
Transaction Type
Minimum FICO
Purchase & R/T Refinance
580
Cash-out Refinance LTV < 85%
580
Cash-out Refinance LTV > 85%
600
Streamline Refinance
580
*
… (3 comments)
|
|
|
|
;)
;)
