Special offer

FHA Guideline changes for 2009

By
Real Estate Agent with Samson Properties

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.