FAQ  |  Search  |  Memberlist  |  Usergroups   |  Register  |  Profile  |  Log in to check your private messages  |  Log in 

 Min 580 FICO and Max 3% from seller View next topic
View previous topic



Post new topicReply to topic
Author Message
Robin
Sentinel


Joined: 30 Aug 2007
Posts: 3416
Location: Loveland, OH

Min 580 FICO and Max 3% from seller
PostPosted: Fri Mar 05, 2010 6:48 pm Reply with quoteBack to top

Stevens' latest newsletter mentioned two major proposed changes that will be coming out in a Fed Register notice "shortly":

Quote:
Update the combination of 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.

- This allows FHA to better balance its risk and continue to provide access for those borrowers who have historically performed well.

- This change will be posted in the Federal Register shortly and, after a 30-day notice and comment period, would go into effect in the summer.


AND

Quote:
Reduce allowable seller concessions

- FHA borrowers will be limited to 3% seller concessions.

- The current level exposes FHA to excess risk by creating incentives to inflate appraised value. This modification will bring FHA into conformity with industry standards on seller concessions.

- This change will be posted in the Federal Register shortly, and after a 30-day notice and comment period, would go into effect in the summer.


Read the full newsletter here.
View user's profileSend private messageSend e-mail
Display posts from previous:      
Post new topicReply to topic


 Jump to:   


Merge topics 

View next topic
View previous topic
You cannot post new topics in this forum
You cannot reply to topics in this forum
You cannot edit your posts in this forum
You cannot delete your posts in this forum
You cannot vote in polls in this forum




Powered by phpBB 2.0.22-2 (Debian) © 2001, 2002 phpBB Group :: FI Theme :: All times are GMT