FHA Announced Changes
Buyers need to know - FHA announced changes:
1. Up front mortgage insurance to go up from 1.75% to 2.25%
2. Raise credit score requirement
3. Max seller concessions to be decreased from 6% to 3%
There is no confirmation on a specific date yet, but these chanages are expceted to take effect this Spring. Please find below article from CNBC on these changes.
FHA Boosts Insurance Premiums to Cushion Defaults In a move to shore up the FHA's beleaguered balance sheet, Commissioner David Stevens on Wednesday announced big changes at the government mortgage insurer that now backs about half of all home loans to the nation's minorities._ http://www.cnbc.com/id/34947047/
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