FHA Changes Announced

By
Real Estate Mortgage Broker with First Place Bank

HUD announced changes to the FHA loan program this morning.

 

Seller concessions lowered from 6% to 3% of sale price

Upfront mortgage insurance premium (financed) raised from 1.75% of base loan amount to 2.25% of base loan amount.

 

First Place Bank has to DE underwriters on staff to take care of your FHA/VA or USDA Rural Housing loans!!

USDA rural housing loans are 0 downpayment & 0 Private mortgage insurance- program is property location based- no areas in Cuyahoga or Summit counties are eligible. Call for more details- 440.452.3894.

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Topic:
ActiveRain Community
Location:
Ohio
Tags:
fha changes
usda rural housing loans

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Anonymous
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Rainer
104,711
Craig Richardson
National Realty

Liz, do they just not want to write any more loans?  Guess we should start petitioning Congress for some of that TARP money.

January 20, 2010 10:08 AM
Rainer
13,616
Maurince Pierre
Because Experience Matters!!
Premium Properties Real Estate Services

when does this go into affect?

January 20, 2010 10:09 AM
Rainer
6,202
Liz Schneider
First Place Bank

UFMIP changes become effective with case numbers ordered on or after April 5, 2010

seller concession changes no date yet

February 04, 2010 05:42 PM
Anonymous
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Rainer
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Liz Schneider

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