FHA Policy Changes will make it harder to get an FHA Loan

Federal Housing Administration (FHA) Commissioner David Stevens today announced a set of policy changes to strengthen the FHA’s capital reserves, while enabling the agency to continue to fulfill its mission to provide access to home ownership for under served communities.

The reported FHA Policy changes include:

  • Mortgage Insurance Premium… which you may see as MIP is going from 1.75% to 2.25% !  To go into effect this spring
  • Seller Concessions… FHA has allowed up to 6%… This will be reduced to 3%. This change could happen in the early summer.
  • Credit scores… Used to be the minimum credit score was 620… the change will be 580. If the score is above 580 the applicant may qualify for the 3.5% down payment. If the applicant’s credit score is below 580 they will be required to put at least 10% down. This change may take place in early summer of 2010.

credit-score

Thinking of selling buying a home in Western New York? Interested in finding out the current market value of your single family home, condo or investment property? Then call Colleen Kulikowski at (716) 650-0051 to discuss what is happening in today’s Western New York Real Estate Market.  We would be happy to give you a personalized Comparative Market Analysis for your home or assist you to purchase a home.   View additional WNY Market Area Statistics here.

All Statistics are gathered from the Buffalo Niagara Association of REALTORS®.

Properties found on this Web site may be listed with a brokerage other than the owner of this site and are displayed here via the Internet Data Exchange (IDX) system of this broker’s MLS. All information deemed reliable but not guaranteed and should be independently verified. All properties are subject to prior sale, change or withdrawal. Neither listing nor displaying broker shall be responsible for any typographical errors, misinformation, misprints, and shall be held totally harmless. © 2009 Western New York Real Estate Information Services (WNYREIS), LLC. All rights reserved.


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About Colleen Kulikowski, Associate Real Estate Broker (716) 650-0051

Colleen Kulikowski is an Associate Real Estate Broker with the Griffin Team @ Keller Williams Realty Buffalo Northtowns specializing in Western New York residential homes who doesn’t follow trends; she blazes new trails and is able to recognize industry trends and implement them to her client’s best interest. Colleen has created a unique following with one of the top local internet positions in the country generating thousands of leads for her team. Real Estate is a second career for Kulikowski who’s first career was in Information Technology and Data Warehousing working for such companies as Radio City Music Hall, Nabisco Foods and as a consultant in the Financial and Insurance industries. A strong background in technology and management provides her with keen analytical and sharp negotiating skills.

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