new fha guideline: FHA NEW GUIDELINE
- 03/15/10 09:48 AM
•1. Mortgage insurance premium (MIP) will be increased to build up capital reserves and bring back private lending , will go into effect April 5, 2010 new basis points to 2.25% •2. New borrowers will now be required to have a minimum credit score of 580 to qualify for maximum financing. New borrowers with less than a 580 credit score will be limited to a 90% loan-to-value ratio. •3. Update the combination of credit scores and down payment requirements for new borrowers •4. FHA borrowers will be limited to 3% seller concessions. •5. FHA has waived the regulation
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