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 … (0 comments)