HUD announces tighter FHA lending standards - 01/20/10 02:42 PM
HUD issued a press released today announcing changes to be published in a mortagee letter tomorrow. Most of these changes have been discussed in the industry over the last several months and were anticipated.
Here is a summary.
Up front mortgage insurance increased to 2.25% Seller concessions will be reduced to 3% New borrowers with less than 580 scores will require a 10% downpayment The changes will also increase lender liability for loan performance.
There will be a comment period before the changes to the seller concessions and the increased down payment for borrowers with lower scores are implemented.
Of these changes the … (5 comments)

 
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