The upcoming FHA changes. The facts are: · On April 5th the upfront mortgage insurance premium (UFMIP) will increase to 2.250% from the current 1.750% · The minimum down payment will be 10% for borrowers with credit scores under 580. This is projected to take effect sometime this summer. · The maximum seller contribution towards buyers' closing costs will drop to 3% from the current 6%. This is projected to take effect sometime this summer. Richard Lecinski Long Realty Company Tucson, Az http://rlecinski.longrealty.com
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fha loans: New HUD Policy Created to Allow Quicker Foreclosure Re-sales!
- 01/20/10 07:29 AM
New HUD Policy Created to Allow Quicker Foreclosure Re-sales! Effective February 1, 2010 the Department of Housing and Urban Development (HUD) will relax FHA rules that prohibit insuring mortgages on homes that are owned by the seller for less than 90 days - a move that could help expedite the rehabilitation and resale of foreclosure properties.In a housing market where tighter lending requirements have made FHA financing the only option for some buyers, this 90-day policy has (1) kept some homebuyers from being able to purchase affordable homes and (2) prevented the quick resale of foreclosed properties, which affects the ability … (0 comments)
This will provide better loan programs for the families who have credit scores below 680, because FHA does not have credit risk pricing adjustments. The 3% down has not been changed. For aditional information please contact me. Rich Lecinski Long Realty Company Oro Valley - Tucson Arizona 520-834-4663 www.arizonagreatliving.com
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