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FHA Loans Getting More Expensive
Thursday, January 21st, 2010 at 1:34pm. 402 Views, 0 Comments.
The Federal Housing Authority, or FHA, is changing the rules on FHA loans, and these rule changes will make the loans more expensive. Traditionally, borrowers with less-than-stellar credit and/or less than 10% down would turn to an FHA loan. A lender could approve the loan under FHA guidelines, with as little as 3% down. While the amount down was recently raised to 3.5%, these new changes are far more significant. The FHA basically charges for this insurance in 2 ways - an up-front fee (MIP) and an annual fee, both of which the borrower pays.
Starting in the Spring or early Summer (no exact date was given), the new FHA guidelines will include the following provisions:
- If the buyer's FICO score is below 580, the minimum down payment requirement will…
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