fha loan changes: FHA Loans are Changing Again, Costs of Borrowing Increase
- 03/31/11 05:05 AM
Effective April 5th, the new requirements go into effect for FHA Loans. Buyers having a credit score below 580 the down payment is now increased to 10% of the purchase price. The lowest credit score for an FHA buyer to qualify is 580 and most lenders will not even consider FHA if the credit score is below 640. Another change is the upfront mortgage insurance premium that accompanies an FHA loan, that increases from 1.75% of the loan amount to 2.25% of the loan amount. This is financed into the loan so it will increase the PI payment slightly. After April … (1 comments)
Effective April 5th, the new requirements go into effect for FHA Loans. Buyers having a credit score below 580 the down payment is now increased to 10% of the purchase price. The lowest credit score for an FHA buyer to qualify is 580 and most lenders will not even consider FHA if the credit score is below 640.
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