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 Faith: http://www.hud.gov/content/releases/goodfaithestimate.pdf
NEW HUD: http://www.hud.gov/content/releases/hud-1.pdf
COMPLETE GUIDELINES: http://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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