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Tough FHA Down Payment Rules
The Federal Housing Administration will raise the minimum down payment requirement for the least credit-worthy borrowers with credit-rating scores below 580 to at least 10 per cent. Borrowers with a credit score baove 580 willbe able to continue to put down only 3.5%.
FHA will also increase its upfront mortgage insurance premium from 1.75 percent to 2.25 percent. The agency is expected to seek congressional approval to raise annual mortgage insurance premiums, paid by borrowers over the life of the loan, above the current 0.55 percent maximum. The amount it will seek has yet to be announced.
Ever more reasons to buy NOW than wait before these changes come to pass and the tax credit runs out at the end of April. Contact me at 907-529-6602 to get on the path to owning your home.
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