FHA Update: New Changes That Will Affect You!
On January 20, 2010, FHA announced some changes that will affect anyone planning on buying a home. You can view these changes at the REALTOR.org website. There you will find a summary of the changes and can read the complete story.
Some of the changes include:
- Seller contributions will be reduced from 6% to only 3%. (Effective Summer 2010)
- Upfront mortgage insurance premiums will be increased from 1.75% to 2.25% (Effective Spring 2010)
- Buyers with a credit score below 580 will be required to put down 10% instead of the 3.5%
There is still some time to act and beat these changes, but you need to hurry! You will also be able to take advantage of the tax credits if you are in escrow by April 30th. You can search for your home by visiting Executive Properties website.
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