FHA Changes on April 5th, 2010: 3% Seller Contribution Maximum
FHA has postponed the respective changes until further notice.
It must be noted that they are seriously enforcing changes to the program, however it is now being reviewed for a timely implementation.
And if you think things could get any tougher for an FHA borrower!
In an effort to tighten up its latest embarassment, (FHA's balance sheet and dwindling capital reserves), the Federal Housing Authority is rolling out sweeping financial changes that can affect you or your customers. FHA borrowers will need to look better on paper and be better credit risks moving forward in 2010.
To boot, Mortgage insurance premiums are rising from 1.75% to 2.25%.
Click for major FHA Changes on April 5th.