Yesterday it was announed by the Federal Housing Administration that FHA loan requirements are changing sometime this year and that there will be tighter restrictions for FHA backed loans.
The changes will be relatively small for most borrowers. The changes include a raise in the upfront mortgage premium (MIP) from 1.75% to 2.25%. Also, the mimimum down payments for borrowers whose credit score will raise from 3.5% to 10%. And finally, allowable seller concessions will be cut in half.
These changes are expected to take effect this spring or summer. More information can be found here or you can get in touch with The Mike Webb Team.
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