FHA Government Mortgage Changes Include 3.5% Down Payment, Credit Score Minimums and Insurance Premium
Posted on | July 26, 2010 | No Comments
There have been some FHA government mortgage changes since the beginning of 2010 that include a 3.5% down payment, credit score minimums have been risen and the mortgage insurance premium will increase in certain situations. These changes could make a huge difference when it comes to some less than perfect credit borrowers getting a home loan.
There is a great article on Zillow.com Blog that helps explain these changes a little more in depth. The 3.5% down payment increase actually happened last year but borrowers are starting to realize it much more often in 2010. There has also been an increase to 2.25% on up-front mortgage insurance premium; this is an increase from the previous 1.75%.
Credit score minimums have increased slightly as the FHA admits that 580 would be the lowest possible score but many mortgage lenders continue to report that a score of 620 or as high as 640 is needed to lock in to an FHA mortgage in 2010.
Author: Tiffany Mann
Tags: 3.5% fha down payment > credit score minimums > fha changes > fha government mortgage > fha minimum credit score > fha mortgage > fha mortgage changes > government mortgage changes
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