Brian's Blog

* Current FHA upfront MIP is 1.75% (this is typically financed on top of the loan amount) Change to 2.25%

* Current FHA monthly mortgage insurance premium is .55% Possible change, not disclosed amount yet

* Seller Concessions currently 6% (The basic guideline does not include seller paid closing cost as part of the Concessions, but things like a microwave, blinds, etc.) Change to 3% (We will confirm if the seller paid closing cost and pre-paids will change to 3% also)

* Minimum credit score of 580 (this is FHA's current guideline, but most investors are set at a 620 minimum) FHA is proposing a change for buyers under 580 to get a loan with 10% down payment (Not clear if the 10% can be a gift yet and/or if any investors will drop their current minimum to allow this)

As soon as we know the actual changes and their effective dates, I will let you know. If I can help you or any of your clients now to get them into a home before any such changes are made, just let me know.