Hey Guys,
HUD released a statement this morning that will MOST LIKELY have a significant impact on FHA buyers in the coming months…
Here’s your Summary - 3 things:
Click Here for full HUD article
The First Thing:
Raise the up-front MIP by 50 bps to 2.25%…â—¦The initial up-front increase is included in a Mortgagee Letter to be released tomorrow, January 21st, and will go into effect in the spring.
The Second Thing:
3.5% Down - Borrowers required to have a minimum FICO score of 580
10% Down - Borrowers with less than a 580 FICO score will be required to put down at least 10%. After a notice and comment period, would go into effect in the early summer.
The Third Thing:
Reduce allowable seller concessions from 6% to 3%. Would go into effect early summer.
Click Here for full HUD article
Take Care,
Phil
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great blog. bookmarked http://agentsunfairadvantage.com/philipm/2010/01/21/fha-below-580/
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