FHA has announced some upcoming policy changes. Here’s the short version of it and if you click the link below you can read the full details.
1) Mortgage insurance premium (MIP) will be increased to build up capital reserves and bring back private lending
2) Update the combination of FICO scores and down payments for new borrowers
3) Reduce allowable seller concessions from 6% to 3%
4) Increase enforcement on FHA lenders
Click here for the full details!
Source: HUD
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