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FHA Changes

By Dave Iliff

Real Estate Agent with Patterson Schwartz

April 06, 2010 08:01 AM

FHA changes that went into effect on April 5^th

Premiums:

1. The Up-front MIP has been increased from 1.75 to 2.25. The MIP can still be financed. This only applies to forward mortgages. The increase will have the largest impact on helping FHA improve its capital position.

Downpayment and Credit Score:

2. For borrowers with FICO's below 580, a 10% down payment will be required - no change for borrowers at or above 580. This will be accomplished through a Mortgagee Letter and will be effective April 5^th. MOST LENDERS REQUIRE FICO SCORE OF 620-640.

Seller Concessions:

3. No changes to seller concessions have been adopted at this time. Remains at 6%.

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Dave Iliff

Real Estate Agent in Hockessin, DE

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New to the DE, PA or MD area? Our website is full of useful information for new residents. If you are thinking about buying a home in the area, Dave and Diane would love the opportunity to help. If you are selling a home, Dave and Diane would love to show you how, through strategic pricing, proper condition and staging, and their expert marketing; you are likely to get your home sold quickly in today's New London, PA real estate market. If you're thinking about selling your home in the New London, PA area and you don't have a Realtor®, contact Dave & Diane Iliff at Patterson Schwartz Real Estate. They can help you fit all the pieces of the puzzle together. They are well established real estate agents with 28 years of experience in New Castle County Delaware, Southern Chester County and Delaware County Pennsylvania and also Cecil County Maryland. They know the market well and know how to price homes carefully while pricing to get the best return. They know how to handle most problems as they come up since they've experienced just about anything that has come across a real estate transaction. Dave and Diane are without a doubt some of the most highly skilled agents and marketing experts in the area. They are located at 7234 Lancaster Pike in Hockessin, right across from the PAL Center.