Hi Everyone,
I just wanted to let you know what changes will be happening in FHA. First, there will be no more spot approvals for condos. All associations must be newly approved through FHA every 2 years (Effective February 1, 2010). Second, FHA's MIP (Mortgage insurance) will be increasing from 1.75% to 2.25% as of April 5, 2010. Third, Seller contributions will be reduced from the allowable 6% to 3%. This possibly may take effect sometime this spring. FHA has not finalized the allowable closing costs, yet. If you have any questions about these changes please feel free to call me and I will try and answer them for you.
Friday, February 5, 2010
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