FHA Changes in April 2010. 0
Here comes more changes! We all have hopefully heard about the FHA Condo Changes that took place in February, but now the cost of an FHA mortgage is going up. It was only a matter of time this would happen because you have major market share of people now only able to go under the FHA product since that is the only product with the lowest down payment available right now, unless you fit into THESE categories. Looks like April 5th, 2010 is going to be the date FHA (HUD) will make some changes and here is a summary of them.
1. Increase in upfront MIP from 1.75% to 2.25%
2. Reduction in maximum seller contributions from 6% down to 3%
3. Congressional request to increase monthly mortgage insurance premiums. For a 30 year fixed FHA those are currently .55% a month.
4. Minimum credit score of 580 in order to have only a 3.5% down payment. If below 580 then a 10% down payment is required. (of coarse most all banks are currently at 580 to 620 so this will not be a concern unless the markets credit score requirements go lower)
Want to read it for HUD’s website then keep on reading below. Hope this helps 
