FHA Mortgage
posted by WeKnowBrevard Blog @ 12:52pm, Friday 22 January 2010.
The little bird that flew by my window earlier in the week was right on it. Here’s some info from the FHA folks…Things they are a changing….
Mortgage insurance premium (MIP) will be increased to build up capital reserves and bring back private lending
The first step will be to raise the up-front MIP by 50 bps to 2.25% and request legislative authority to increase the maximum annual MIP that the FHA can charge. (Proposed by Spring, 2010)
Update the combination of FICO scores and down payments for new borrowers.
New borrowers will now be required to have a minimum FICO score of 580 to qualify for FHA’s 3.5% down payment program. New borrowers with less than a 580 FICO score will be required to put down at least 10%. (Proposed by April, 2010)
Reduce allowable seller concessions from 6% to 3%
The current level exposes the FHA to excess risk by creating incentives to inflate appraised value. (Proposed June, 2010)
I’m rounding third and heading for home……
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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