Below is information I received from one of my trusted lenders. Buyers please take note on the changes! Thank you Kara White Shilling from Fairway Independent Mortgage Corp. for this information. Kara's information is below if you have any questions.
HUD announced a few interesting changes regarding FHA financing.
· Up front mortgage insurance premium will be increased from 1.75% to 2.25% ; will go into effect in the Spring.
· Summer of 2010, FHA will lower seller contributions from 6% to 3%.
· Minimum credit score will be 580. That will not affect Fairway Independent Mortgage Corp. (and the majority of all lenders) because our minimum credit is and has been 620. (For those lenders who do allow lower credit scores, new borrowers who have FICO scores of 580 or less will be required to put 10% down).
Below is the HUD press release for your review, should you be interested in further information.
http://portal.hud.gov/portal/
Kara White Schilling
Loan Officer
302.766.7392 (office)
302.545.2499 (cell)
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