DreamTeam-Jo Cel Perez & Hector Gamez » mortgage insurance http://dreamteamrw.com Realty World - Peninsula Mortgage Fri, 25 Jun 2010 02:33:37 +0000 http://wordpress.org/?v=2.9.1 en hourly 1 New FHA Down Payment Rules http://dreamteamrw.com/2010/01/26/new-fha-down-payment-rules/ http://dreamteamrw.com/2010/01/26/new-fha-down-payment-rules/#comments Wed, 27 Jan 2010 02:42:17 +0000 Joe Perez /?p=195 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.
]]> http://dreamteamrw.com/2010/01/26/new-fha-down-payment-rules/feed/ 0