Fha Information
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Here is a great update on changes to that FHA will be making to its loan programs.
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Fha Information
- 1. What You Need to Know About Upcoming Changes to FHA Loans
- 9. Rates Down, Opportunity Up Companywide Market Seminar September 25 11 am
Hinweis der Redaktion
- FHA will now require borrowers to have a minimum credit score of 500. Borrowers with credit scores below 580 will have to put at least 10 percent down. These FHA requirements won’t affect Weichert customers, as WFS will continue to require a minimum score of 620 – although other lenders are requiring scores of at least 660.
- Based on 30-year loan @ 4.50% with taxes and insurance of $400/month Housing expense ratio of 31% with monthly debt not exceeding 12% of income (total debt ratio of 43%) Reflects upfront MIP decrease to 1% and monthly MIP increase from 0.55% to 0.90%
- Note: the reduction in seller contribution has NOT been finalized, but the expectation is that the max will decrease to 3%