Posts Tagged ‘down payment’

New FHA Down Payment Rules

Tuesday, January 26, 2010 | Add a comment

FHA Toughens Down Payment Rules

F.H.A. will raise the minimum down payment for borrowers with a 580 or lower score, the agency announced Tuesday. Those borrowers will be required to put down at least 10%. Borrowers with a credit score of more than 580 will be able to still put down 3.5 percent, which is the minimum guideline currently.
 
FHA also will increase the mortgage insurance premium from 1.75 percent to 2.25 percent, which is the upfront cost for obtaining mortgage insurance. The premium amount that FHA will seek from the congressional government has yet to be announced.

For more information on the FHA changes, inlcuding a summary of all changes,

visit REALTOR.org.

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New Housing Grants from HUD

Thursday, October 22, 2009 | Add a comment

The U.S. Department of Housing & Urban Development stated this week that they will provide $60 million dollars in counseling and training grants to help families become first time home-buyers and to help them keep their homes after they are homeowners.

The organizations that provide housing counseling services help people become or remain homeowners or find rental housing, and assist homeless persons in finding the transitional housing they need to move toward a permanent place to live.  Potential homeowners will have assistance with evaluating how ready they are for a home purchase, helping them through the home-buying process, and helping to understand down payment and financing.

For more information please visit HUD’s website.

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