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FHA loan guidelines are changing 25 days earlier than the Homebuyer Tax Credit!
Posted on March 9, 2010
Did you know that Federal Housing Authority (FHA) loans accounted for 20% of all total loans nationally at the beginning of 2009 and increased to 35% by the end of 2009? Those numbers are expected to increase for 2010. If you are thinking about buying, there are a lot of reasons why an FHA loan might be right for you. Benefits of an FHA loan:
1. Easier to Qualify - even with less than perfect credit
1. Easier to Qualify - even with less than perfect credit
2. Low Downpayment
3. Potentially Lower up front costs The Homebuyer Tax Credit expires April 30th but FHA guidelines change 25 days earlier! Now is the time to take advantage of an FHA loan because as of April 5th, some FHA guidelines are changing. The proposed changes include:
- Higher upfront mortgage insurance (from 1.75% of loan amount to 2.25%)
- Higher monthly mortgage insurance (from a basis of .55% to .75% per year)
- Seller concessions going from a maximum of 6% of the loan amount to just 3%
- Lower debt-to-income ratio, which means that underwriting will be getting a little stricter on how high a borrower is preapproved.
Click on the HUD/FHA link below to read more on the changes. 
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