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.
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