fha announces policy changes: FHA Announces Policy Changes To Shore Up Finances
- 01/28/10 07:52 AM
FHA Announces Policy Changes To Shore Up Finances The Federal Housing Administration recently announced policy changes to "strengthen capital reserves and address risk, while continuing to to support the country's housing recovery." The FHA Policy Changes: The Up-Front Mortgage Insurance Premium (UFMIP) will increase to build up capital reserves. The premium will increase from 1.75% to 2.25% to go into effect in the spring. FHA will also request legislative authority to increase the mortgage insurance that borrowers pay on a monthly basis. The credit score and down payment combination will be updated. A minimum credit score of 580 will be required for the 3.5% down payment program, … (3 comments)
FHA Announces Policy Changes To Shore Up Finances
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