Wednesday, January 20, 2010

FHA Annouces changes

1) Upfr9ont MIP will go from 1.75 to 2.25
2) If FICO is below 580, max LTV is 90% (oh really is anyone doing FHA with FICOS below 620?)
3)Max Seller contribution is droppimg from 6% to 30% (this will be an issue for our builders - please make sure we don't have any in - process construction loans that need th 6% concession)
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Shirley Nault has been a mortgage professional for over 20 years. Visit her other mortgage web sites go to or