Jeff’s Carlsbad Blog for First Time Home Buyers

Changes Coming in FHA Loans

Posted in Financial,Mortgage info by Jeff Dowler on January 31, 2010
Tags: ,

Many first time buyers pursue FHA loans because they do not qualify for other conventional loans with higher down payment requirements, issues with credit scores and other issues. Indeed many home sales in the last year have been FHA financed.

Because of some financial issues, FHA has announced some changed in their loan qualifications and requirements. For example:

  • Those with credit scores of less than 580 will be required to put down 10%. Those with at least a score of 580 will still be able to put down just 3.5% (the current amount)
  • The up-front mortgage insurance premium will rise from $1.75% to 2.25%

You can read the FHA full press release here.

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All content copyright © 2010 Jeff Dowler “The California Relocation Dude”


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