Breaking News!New FHA Policy changes include the following: - The up-front MIP will increase on purchases from 1.75% to 2.25%
- Minimum FICO scores will be 580 for 3.5% down payment and anyone purchasing with a score lower than 580 will require 10% down payment. However, individual lenders will still require credit scores higher than 620.
- Seller help for closing costs will be reduced from 6% to 3% maximum.
- FHA lenders will have increased enforcement.
These new FHA policy changes are designed to reduce and manage FHA's growing risk. Find out more on FHA Policy Changes.
"Homebuyer Tax Credit Extended to April 30, 2010. ...The credit would be extended an additional year, until June 30, 2011, for members of the military serving outside the United States for at least 90 days." Learn more: $8,000 tax credit.
-- Stephen Ohlemacher, Associated Press Writer
Find out if you qualify for the $8,000 tax credit. |
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