New FHA rules coming

FHA said it is trying to better position itself to “manage its risk while continuing to support the nation’s housing market”.  One widely speculated change wasn’t made — the increase of the FHA minimum down payment.

Here are the new FHA rules coming on April 5, 2010.

Home buyer’s can still buy with just 3.5 percent down.  However, there are 2 major changes that you must be aware of and will be effective for any case number assigned starting April 5th, 2010.

1.   An increase in Upfront MIP from 1.75 percent to 2.25 percent

2.   A reduction in maximum seller contributions from 6 percent to 3 percent.

Russ Ravary your Livonia real estate agent

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