Thursday, December 3, 2009

FHA wants buyers to have more "skin in the game."

Today's Washington Post outlined some of the proposed changes in FHA's guidelines. If these changes go through, we could see some significant changes making it more difficult to qualify. FHA wants buyers to have more "skin in the game."

Some of the proposed changes include:

Raising the minimum down payment from 3.5% to 5%

Reducing the max seller closing cost concessions from 6% to 3%

Raising the minimum credit score

Increasing the up front mortgage insurance premium- currently stands at 1.75% of total loan amount

Increasing the monthly mortgage insurance premium- currently stands at .55% per year of the total loan amount

If you plan to buy do not wait!


Please feel free to call or email me with any questions.

Read more at the Washington Post




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