New FHA Changes

Real Estate Agent with Burroughs Company, REALTORS

New FHA Changes upcoming.  After April 5, 2010 the down payment of 3.5% does not change except for credit score borrowers below 580.
Contributions towards closing costs from sellers to buyers is down from 6% to 3%. The upfront mortgage insurance premium (MIP) will be 2.25% up from 1.75%.

If you are thinking of buying Now is the Time before the changes take effect!  Which means Buyers will need more money to bring to closing when buying a home.

Check this video out -- What the New FHA Guidelines Mean for Home Buyers in 2010

Please post comments and links to articles and other related information regarding the new FHA Changes.

Thanks for stopping by.

Comments (1)

Phillip & Theresa Slocum
Burroughs Company, REALTORS - Oklahoma City, OK
Jan 27, 2010 06:41 AM