Change in the Wings for FHA loans.

It was announced this week that changes are in store for FHA loans sometime this year.

• The initial Mortgage Insurance Premium will be increased from the current 1.75% to 2.25%
• Borrowers with a crdit score of less than 580 will be required a down payment of 10% instead of the now required 3.5%.
• Seller concession (amount a seller can contribute towards closing costs) will be decreased from 6% to 3%.

Since many buyers are choosing to use FHA financing in the purchase of thie homes, this along with the end (unless extended) of the federal housing tax credit may have an impact on the future market.

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