2010 may bring possible changes to FHA loan requirements. Here are the changes currently being considered:
1. Many lenders currently have the minimum FICO credit score requirement set at 620. An increase in minimum FICO is possible.
2. Currently 3.5% is required for a minimum down payment. This could increase with speculation it will go to 5%.
3. How much a seller can contribute to the buyer (seller concessions) is currently 6% of the sales price and that could be cut in half to 3%.
4. Mortgage Insurance Premiums are currently set at 1.75% and could likely increase to raise capital for the reserve fund.
What will actually happen…stay tuned. Continue to check back with this blog or http://www.mcbridegroup.com/Blog for further developments. In the meantime, anyone who takes advantage of the current guidelines will get a great loan with much less out of pocket and easier requirements.
Khai McBride
800.399.6890 Phone | www.mcbridegroup.com
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*This is not an offer to lend. 
Obama Refinance Plan For San Jose Homeowners AnnouncedHome Affordable Refinance Program Update Harp 2 Bay Area San Francisco California March 2012 Guidelines for Purchasing a 3 to 4 Unit Property with FHA Financing in Alameda, CA8 Year Fixed to 30 Year Fixed. You Can Choose Your Loan Term In San Jose
