sellers: NOTICE TO BUYERS - CHANGE IN FHA FINANCING
- 01/22/10 02:11 AM
Nothing lasts forever. Great rates, great financing terms, Stimulus money. At some stage these all disappear. FHA entry terms just tightened (Jan 21, 2010): it announced yesterday new policy changes to strengthen it’s capital reserves and protect itself from rising defaults. The most significant changes include: (1) increasing the amount of up-front cash paid by all new borrowers and (2) requiring much higher down payments from those with the poorest credit. The FHA will increase MIP (mortgage insurance premiums) that borrowers pay upfront at closing from 1.75 percent to 2.25 percent of the loan value. Most FHA borrowers will continue to make … (0 comments)
Nothing lasts forever. Great rates, great financing terms, Stimulus money. At some stage these all disappear. FHA entry terms just tightened (Jan 21, 2010): it announced yesterday new policy changes to strengthen it’s capital reserves and protect itself from rising defaults. The most significant changes include: (1) increasing the amount of up-front cash paid by all new borrowers and (2) requiring much higher down payments from those with the poorest credit. 
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