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FHA Rules Change Tomorrow...

FHA Risk Based Premium and Up Front MI change Oct. 1st

Just thought I would remind everyone that several changes go into effect tomorrow.

Up front MI changes to 1.75%
No risk based pricing
Monthly MI changes to
1. .55% for 95% LTV or higher
2. .5% for 95% LTV or less
No seller funded DPA

This applies to FHA case numbers assigned on or before Sept. 30th... so, if your buyer is already under way it should not matter but buyers you are working with this could help or hurt...

Posted by Mark Ryan, Broker, CRS, ABR, CDPE on 09/30/2008 11:05 PM

Comments (5)

FHA in the ActiveRain Channel

fha

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5 Comments on FHA Rules Change Tomorrow...

OCT

2008

We all know they had to make some modifications! I was surprised, unlike past years there was no rush to get in under the wire!

OCT

2008

All this and no DPA

OCT

2008

You can actually still use DPA just not seller funded... don't let your buyers and sellers get that wrong and cost a sale...

Hello Mark,

I just wanted to also add that come 1-1-2009, FHA will require buyers to come in with 3.5% Down. It can still come from a Family Member in the form of gift. FHA is still a great program that I cotinue to use and assist with my customers. Have a great day !

Eric,

I hear that is the plan but do you think they will stick with that or is there talk of leaving that how it is?

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