Some new FHA Changes…
FHA has announced some new changes to FHA loans which may affect home sales.
The new policy reduces the amount of money sellers can provide home buyers from 6% to a maximum of 3% of the purchase price. Home buyers usually use this money to help with closing costs.
Credit score down payment qualifications will also change. In order to qualify for the 3.5% downpayment program you will need to have a credit score of at least 580. Anything less will require home buyers to put at least 10% down to purchase a home.
More changes may be on the way, we’ll keep you up-to-date!
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