The FHA announced tighter guidelines on January 20. First, insurance premiums increased from 1.75 to 2.25 percent. Second, seller concessions are now limited to 3 percent. This is down from 6 percent. Third, new borrowers with a FICO score below 580 will now need a 10 percent down payment instead of the 3.5 percent previously.
These are significant changes to this program. However, it should not be the cause for discouragement for buyers or sellers. For more wisdom on how to navigate these changes, call a reputable lender or Realtor... Like Judy Higgins! FHA may still be the right route for you!
0 comments:
Post a Comment