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Interesting FHA updates...

By Ricardo "The Realtor" Perdomo

Real Estate Agent with Keller Williams Realty 1847698

March 30, 2010 01:24 PM

•- FHA still allows loan amounts up to $755,000. Don't be afraid to take FHA offers, qualification in some cases are more lenient than conventional guidelines

•- FHA has a strong proposal on the table to increase the minimum down payment from 3.5% to 5%.

•- Effective April 5^th 2010. FHA is raising Mortgage insurance premium to 2.25%.

•- Effective March 17^th- Bank of America will now allow business funds from corporations to be used for down payment and closing costs.

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Dawn Pfaff

NYStateMLS - East Greenbush, NY

NY State MLS President

Thanks for the update

Mar 30, 2010 01:38 PM

Don Wixom

RE/MAX Executives Nampa, ID - Nampa, ID

"Looking out for your next move..."tm

Ricardo, thank you for the update! Most of our loans in this area, are FHA right now. It will be difficult to accept the 5% down payment, but I think that's what will make America strong again, people actually saving!

Mar 30, 2010 02:28 PM

Interesting FHA updates...

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Ricardo "The Realtor" Perdomo

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