Have you heard about the new FHA changes?
FHA announced the following changes this week:
The upfront MIP (mortgage insurance premium) will increase from 1.75% to 2.25%. Note:this change is expected to take place sometime early spring.
Seller contributions to be REDUCED from 6% to 3%. Note: this change is expected to take place sometime this summer.
FHA increased credit score minimum requirements from 500 to 580. Below 580 would require a down payment of 10%. Note: Lender requirement is a credit score minimum of 620. This change is expected to take place this summer also. It would be surprising to see Lenders go below the 620 required minimum score.
If you are considering buying or selling a home and you would like to talk to a real estate professional, please feel free to contact us at anytime!
