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FHA Changes ... yes... MORE!
FHA changes.
FHA changes may be on the way!  Please see this great info below for more details.  These FHA changes may affect many of you directly.  For Realtors reading this info, the FHA changes may affect the lenders that you currently do business with, especially if you are working with a mortgage broker. 
The proposed FHA changes for condo guidelines would also severely limit condo properties that would qualify for FHA financing, which could further lead to problems in the housing market recovery.  We will be watching these proposed FHA changes closely and hope to have more info on any FHA changes soon.
FHA Changes.
Two FHA changes happening right now that aren't related... or are they?
There is a proposal (scheduled to go into effect Jan 1, 2010) that indicates one of the FHA changes is that brokers will no longer be approved by FHA to participate in FHA mortgages without going through an approved sponsoring lender. The responsibility and loan liability of mortgage brokers would fall squarely on the shoulders of the FHA sponsoring mortgage company. Net worth for FHA mortgage lenders is going from $250,000 to $2.5 million!
What does that mean? Long story made short: FHA is expecting sponsoring mortgage companies to create a sort ... more

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