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Announced FHA Policy Changes!!! A MUST READ

By
Mortgage and Lending with www.DaveYourMortgageGuy.com - Legend Lending NMLS #293883

This morning HUD has announced the changes to FHA loans.  Here is the abbreviated version highlighting what will affect you. 

  1. The MIP also called upfront MI is now 2.25% up .5% from the current 1.75%.  This goes into affect in spring
  2. Seller contribution toward closing costs will be reduced to 3%.  This will go into affect in the early summer
  3. Buyers now need a min credit score of 580.  But, this doesn't really matter since almost all lenders require a 620 now. 

This is the short version of the important changes.  Please call or email me with any questions.   

 

Posted by

 

 

 

 

David Krichmar 

Mortgage Banker NMLS#293883 

Legend Home Lending

LLC NMLS #229421

Top 1% Loan Officer Nationally

Has Written For Realtor Magazine, Houston Agent Magazine, Scotsman Mortgage Guide

Appeared On Fox Business

 

Named 5 Star Mortgage Professional 2013, 2014, 2015, 2016, 2017

Office:832-689-6012

Dave@DaveYourMortgageGuy.com

www.DaveYourMortgageGuy.com

For More Mortgage Info Follow me at  Dave's Blog

 

If you are looking for a FHA, VA, USDA, Homepath, Conventional, Jumbo, Construction, FHA 203k mortgage in Fort Bend County, Sugar Land, Houston, Katy, Harris County, Brazoria County, Pearland, Richmond, Bellaire, West University, The Woodlands, Kingwood, Friendswood, Clear Lake, Galveston, Fulshear, Tomball, Spring, Conroe, Montgomery County or anywhere in Texas I am your GUY!  

 

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Comments (3)

Don Sabinske
Don Sabinske, Sabinske & Associates Inc. - Zimmerman, MN
Sabinske & Associates Inc.

Good to know.  I like the short and sweet version so then I know what I'm looking for when I read the whole news release. 

Jan 20, 2010 02:15 AM
Debbie Rumsey
HomeSmart Realty West, Carlsbad, CA - Encinitas, CA
Realtor, Green, SFR

Great bullet points David!  It is nice to know these things in advance, thank you!

Jan 20, 2010 02:16 AM
David Krichmar
www.DaveYourMortgageGuy.com - Legend Lending - Sugar Land, TX
DaveYourMortgageGuy.com

Thanks Don and Debbie.  i like to keep it simple for everyone. 

Jan 20, 2010 02:17 AM