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FHA Changes Announced

By
Mortgage and Lending with Dollar Bank NMLS #728176

HUD announced changes to the FHA loan program this morning.

 

Seller concessions lowered from 6% to 3% of sale price

Upfront mortgage insurance premium (financed) raised from 1.75% of base loan amount to 2.25% of base loan amount.

 

First Place Bank has to DE underwriters on staff to take care of your FHA/VA or USDA Rural Housing loans!!

USDA rural housing loans are 0 downpayment & 0 Private mortgage insurance- program is property location based- no areas in Cuyahoga or Summit counties are eligible. Call for more details- 440.452.3894.

Comments (3)

Craig Richardson
National Realty - McLean, VA

Liz, do they just not want to write any more loans?  Guess we should start petitioning Congress for some of that TARP money.

Jan 20, 2010 02:08 AM
Maurince Pierre
Premium Properties Real Estate Services - Orlando, FL
Because Experience Matters!!

when does this go into affect?

Jan 20, 2010 02:09 AM
Liz Schneider
Dollar Bank - Avon, OH
Let me show you the way home.

UFMIP changes become effective with case numbers ordered on or after April 5, 2010

seller concession changes no date yet

Feb 04, 2010 09:42 AM