mortgages: FHA Changes Coming Our Way... - 01/26/10 02:53 PM
I just recieved an interesting email from a local BOA loan officer.  He gave reference to a HUD article talking about the recent or upcoming changes for FHA.  Here are some cliff notes on the article:
Cliff's notes from the article below:
1. The UFMIP will be increased from 1.75% to 2.25%, they may also increase the monthly MIP...they're saying this will occur in Spring
2. Borrowers with FICO scores less than a 580 will need at least 10% down...they're aiming for early summer
3. Seller contributions will be reduced from 6% to 3%...they're aiming for early summer on this … (0 comments)

 
Tim Ireland (Midland States Bank)

Tim Ireland

Bourbonnais, IL

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Midland States Bank

Address: 1690 N State Rte 50, Bourbonnais, IL, 60914

Mobile: (815) 791-1600

Office: (815) 465-7257



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