fha: FHA abandons 74 year Policy – Orlando Real Estate
- 05/23/08 12:59 AM
The Federal Housing Administration shook up Washington's mortgage and real estate leaders last week by announcing that it's shifting its entire production line to risk-based pricing -- starting this summer. FHA plans to abandon its 74-year policy of charging all borrowers the same insurance premiums and interest rates, and to move to a system where applicants who present high risks -- low credit scores and low down payments -- pay higher premiums. Though private mortgage insurers have been using this approach since the mid-1990s, it's a big move for FHA. Currently the agency charges a standard one and a half percent … (1 comments)
The Federal Housing Administration shook up Washington's mortgage and real estate leaders last week by announcing that it's shifting its entire production line to risk-based pricing -- starting this summer.
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