Hi All,
Here are the new FHA Guideline changes for 2009 the "Cliff Notes" or short version:
•· There will no longer be DPA (seller assisted down payments) after October 1, 2008 you can though get a gift from Family, non-profit, or friend.
•· Minimum down payment moves from 2.25% to 3.5%
•· You can do a cash-out refinance up to 98.5% of appraised value
•· Upfront MI (mortgage insurance) is now risk based, but starts at 1.25% of loan amount instead of our old 1.50% in the past
•· Monthly MI is also risk based and starts at .55% of loan amount, instead of our old .50% in the past
Most everything else remains the same. This will still be a go to program in 2009 for those borrowers that have less than 20% to put down.
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