This morning HUD has announced the changes to FHA loans. Here is the abbreviated version highlighting what will affect you.
- The MIP also called upfront MI is now 2.25% up .5% from the current 1.75%. This goes into affect in spring
- Seller contribution toward closing costs will be reduced to 3%. This will go into affect in the early summer
- 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.
Comments (3)Subscribe to CommentsComment