FHA standards
posted by WeKnowBrevard Blog @ 7:43am, Tuesday 19 January 2010.
Times they are a changing……. Hot off the beak of a little bird that flew by my window….. FHA buyers, it’s time to jump off the fence. The FHA standards are going to be changing very soon. I am hearing that the capitol fund of FHA is falling below the federally mandated level of 2 % and the changes coming are to combat that. Just a couple of the changes coming….. 1) Decreasing the amount the seller can contribute from the current 6% to 3%....2) mandating minimum FICO scores…..3) Impose a loan-to-value (LTV) maximum ratio by FICO score…just to name a few….. I can stress this enough….if you are planning to buy and are planning to use FHA funds…you are going to want to move NOW!!!! These changes will be announced over the next week or so. And there you have it……
Best regards,
Brad Kuhns, P.A.
Broker Associate
321-435-3333
The Kuhns Realty Group
Brevard Real Estate
Home Values in your neighborhood TODAY!
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