FHA CHANGES

By
Real Estate Sales Representative with Minnesota Home Venture 20577397

FHA CHANGES STARTING OCT 19TH

-Streamline Refinance with or with out appraisal will need a minimum 640 credit score
-Cash out Streamline Refinance will need a minimum 640 credit score
-High Balance Cash Out refinance will need a minimum 660 credit score
 
 
THE HR 3706 ACT (aka "The tax payer protection act of 2009") this is on the ballot now, but has not been approved yet.  This act would change the FHA required down payment from 3.5% to 5% and would not allow closing cost to be financed.

 

HUD has guideline changes coming January 1, 2010 

-The 1 page Good Faith Estimate will now be 3 pages
-The final HUD Settlement Statement which is now 2 pages will also be 3 pages 
-Mortgage Brokers will now have to disclose their YSP (Yeild Spread Premium.)  Tolerance limits, basically the lender must be fairly exact in the charges and fees on the Good Faith Estimate or we (the lenders) will have to pay the difference.

NEW Good Faithhttp://www.hud.gov/content/releases/goodfaithestimate.pdf

NEW HUD
http://www.hud.gov/content/releases/hud-1.pdf

COMPLETE GUIDELINEShttp://www.hud.gov/offices/hsg/ramh/res/resparulefaqs.pdf


Be patient as we implement these changes at the beginning of the year:)

Vicky Hanson
Mortgage Banker/American Mortgage & Equity
2705 Bunker Lake Blvd Suite 203
Andover, MN 55304

612.599.0371 Cell

952.513.2049 eFax


 

 

 

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