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.
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®.
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