FHA is at it again!
(Your update on recent/upcoming changes)
One of my lenders (Carol Tuttle of Cherry Creek Mortgage -- 720.260.5606) informed me of the following:
FHA Changes:
In order to recover from losses, FHA will be increasing the UFMIP (Up Front Mortgage Insurance Premium) from 1.75% to 2.25%. The increase may be split between the UFMIP and the monthly MIP. This increase will take effect April 5th, 2010.
Also, FHA guidelines no longer allow credit scores below 580 without a 10% down payment.
The allowed seller contribution will now be capped at 3% (down from 6%).
Great Financing Available On Fannie Mae REO's:
Low downpayment (only 3% Down o/o - gift OK); No mortgage insurance; no appraisal required; owner occupied, 2nd home, investor; less than perfect credit OK.
JUST ANNOUNCED THIS WEEK - Fannie Mae is giving buyers 3.5% for closing costs & appliances! (Ends 5/1/2010).
Update on 2nd Lien Holder Fraud:
Caught on tape, you've got to hear this. A second lien holder demanding cash payment outside of closing to cooperate with a short sale deal.
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