Watch out for FHA changes on April 5th, 2010
Effective April 5th, 2010
Increased Upfront Premiums : Effective for FHA loans for which the case number is assigned on or after April 5, 2010, FHA will collect an upfront mortgage insurance premium of 2.25 percent from 1.75%. This policy change will increase premiums for purchase money and refinance transactions, including FHA-to-FHA credit-qualifying and non-credit qualifying streamlined refinance transactions.
Effective Summer 2010
Revised minimum credit scores and down payment requirements for new borrowers :New borrowers will now be required to have a minimum credit score of 580 to qualify for maximum financing. New borrowers with less than a 580 credit score will be limited to a 90% loan-to-value ratio.
Reduced seller concessions: FHA borrowers will be limited to 3% seller concessions from 6% today.
To begin your search for the perfect home or to sell your home in Northern Virginia, call Kim Darwaza at 703-856-2254. Please visit http://www.kimdarwaza.com to search the MLS for Northern Virginia listings.