With all of the changes taking place regarding real estate financing and especially FHA, it's important to keep current. At the end of this post is a link to read the article in full, but following are the highlights courtesy of Mark Baker at Castle & Cook Mortgage, 702-451-1040:
This is the actual announcement from Washington. The significant changes are:
- Interested party contributions go to 3% from 6% (won't cover many of the Buyers costs now). To go into effect "early this summer".
- FHA will now actually have a FICO score requirement of 580. To date there are no FICO score requirements, just Lender overlay's for FICO score. This will go into effect "later this summer".
- An increase of the UFMIP "sometime in the Spring of this year".
Click HERE to read the full press release. If you have any questions or would like more information for yourself or someone you know to take advantage of the very favorable terms still offered for FHA financing please feel free to call or e-mail me anytime.