Wednesday, January 20, 2010

FHA Loan Requirements Changing

So its looks as though FHA is planning to increase their upfront mortgage insurance premium (will affect borrowers buying power) and decrease allowable seller concessions from 6% to 3% (which is going to require in most cases that you, the buyer, will have to pay out of pocket for both downpayment and potentially some closing costs. Read the article for more:

I will keep you posted as I hear more, specifically time frame for changes. In the meantime take advantage of the tax credit and this is just another reason to act fast.

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