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)