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

 search Northville homes for sale

Do not let somebody else get the best home deals.  Join my Forclosure VIP cluband get the newest lakefront foreclosures and the newest lakefront listings emailed to you daily.

 

 

Sometimes the best lake homes sell in less than a week.  Click the button below to get the newest lake listings so you do not miss out on the great deals.

Lake Home VIP Club

 

Posted in Blog

Search Homes

Untitled