FHA NEW GUIDELINE

By
Real Estate Broker/Owner with New York Real Estate Experts

•1.       Mortgage insurance premium (MIP) will be increased to build up capital reserves and bring back private lending , will go into effect April 5, 2010 new basis points to 2.25%

•2.       New borrowers will now be required to have a minimum credit score of 580 to qualify for maximum financing. New borrowers with less than a 580 credit score will be limited to a 90% loan-to-value ratio.

•3.        Update the combination of credit scores and down payment requirements for new borrowers

•4.        FHA borrowers will be limited to 3% seller concessions.

•5.      FHA has waived the regulation that prohibits the use of FHA financing to purchase properties that are being resold within 90 days of the previous acquisition. The waiver of the regulation took effect for all sales contracts executed on or after February 1, 2010.

Posted by

 

 

 

 

close

Re-Blogged 1 time:

Re-Blogged By Re-Blogged At
  1. Connie Betz 03/15/2010 09:56 AM
Tags:
new buyer fha info
new fha guideline
guideline for fha info
info for the

Post a Comment
Spam prevention
Spam prevention
Post a Comment
Spam prevention

What's the reason you're reporting this blog entry?

Are you sure you want to report this blog entry as spam?

Rainmaker
85,825

Rummy Dhanoa

Rummy Dhanoa
Ask me a question
*
*
*
*
Spam prevention

Additional Information