Don't know who may be affected by this...

Celestew84 · Joined: 20 Jan 2010 Posts: 15

There is going to be new rules in place for people who want to get a FHA loan.

-The agency will increase its up-front mortgage insurance premium to 2.25%, from 1.75%.
- Credit score of 580 to qualify for the agency's 3.5% downpayment program
-The new policy also will reduce the amount of money sellers can provide to homebuyers at closing to 3%, down from 6%, of the home's price
-officials plan to clamp down on lenders offering FHA mortgages. The agency will more closely monitor their performance, as well as seek legislative authority to require mortgage firms to assume liability for all loans they originate and underwrite. It will also publicly report lender performance data.

Let me know what you think about this.

JPowell · Joined: 20 Jan 2010 Posts: 103 Location: PA

I don't know what the old standards were so this doesn't mean a whole lot to me. I'm just glad the score is staying so low so my hopes aren't dashed by my mid 600 scores.

Are FHA loans just for folks with low incomes or do you have to have sketchy credit and low income?

zofarerma · Joined: 30 Jan 2010 Posts: 7 Location: United States

its allright, well just leave the locked topics there. Yes i do know that everyone need to know about this. I also posted the news on the main site already