Neil Sweren's Interesting Points

HUD announces big changes to its FHA lending program.  Cost to consumers to increase after April 5, 2010 

1. Increased MIP Premiums for all purchase and refinance transactions [case numbers assigned on or after April 5, 2010]
2. New FICO score policy addressing borrowers with scores under 580
3. Reduced seller concessions from 6% to 3%
4. Increased lender enforcement

The announcement is available HERE. 
Mortgagee letter 2010-2: Increase in Upfront Mortgage Insurance Premiums

This page will be updated as information becomes available.

Filed under: Mortgage |