FHA Highlights: There are lots of goodies for everyone-

FHA Highlights: There are lots of goodies for everyone-

now_and_later.jpgIn an effort to keep FHA financing changes as simple as possible to understand; here is a brief list of the changes on our horizon for the Real Estate industry to know.

3.5% minimum cash investment for FHA loans (gifts allowed from family members, unions, state and local bond programs, etc). 

  • Seller-funded DPA to end, credit approval required by 9/30/08

  • 12 month moratorium on FHA risk-based premiums effective 10/1

  • Streamlined approval process for FHA condos

  • No change to FHA approval requirements (no surety bond in lieu of audited financials)

  • Nationwide licensing system for loan originators

  • FHA floor at $271,050; ceiling for FHA/Fannie/Freddie at $625,000

  • VA should have equivalent guaranty to raise limit to $625,000

Subscribe to our daily mortgage market emails.

Have a Question?

Legal Disclaimer
Or give us a call
925-484-5363