Rules for obtaining FHA loans will be tightening. Where there is no minimum credit score, now a credit scor of 580 will be necessary to obtain FHA funding. Sellers concessions will top out at 3%. To read the entire article from the NY Times, click here.
“Borrowers who get an F.H.A.-insured loan will soon have to pay a higher initial insurance premium. The new premium will be 2.25 percent of the value of the loan, up from 1.75 percent.
“Starting this summer, sellers will not be able to offer as much help to buyers to pay their closing costs. The maximum amount of assistance will drop to 3 percent of the value of the property, from the current 6 percent.”