New FHA Changes

By
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 http://youtu.be/yXNmR7FihFU

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