FHA Guidlines to change January 20th, 2010 | by Pam Flitton

There will be a few changes of the FHA guidelines effective early summer.  Some of the changes will be to increase the mortgage insurance premium (MIP); update the combination of FICO scores and down payments for new borrowers; reduce seller concessions to three percent, from six percent; and implement a series of significant measures aimed at increasing lender enforcement.  With these changes it will Address Risk and Strengthen Finances for the FHA and guarantee the FHA to be the largest source for home buying.

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