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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