Maryland FHA Changes As Of April 5th 2010

On January 21, 2010, in Mortgage Programs, Mortgage Rates, Refinance Process, Tips And Advice, by Bill Sohan

Written by: Bill Sohan |

Maryland - 410-963-2308

Maryland is changing it’s FHA guidelines on April 5^th 2010. and here are 3 important changes you need to know about.

The new Maryland FHA upfront mortgage insurance premium (UFMIP) will be 2.25% for all purchase and refinance loans up from 1.75%
Maryland FHA seller contributions will be cut in ½. You will be limited to a 3% seller contribution. That is down from a 6% seller contribution. Example: today if you were to buy a $100,000 home you would be able to get $6000.00 towards your closing costs paid by the seller. After April 5^th if you were to buy that same home you would only be able to get $3000.00 from a seller contribution.
Changes are effective for Maryland FHA case numbers assigned on or after April 5th, 2010.

If you find a home and want to take advantage of today’s FHA guidelines please call Bill Sohan at 410-963-2308

Tagged with: 8000 Tax Credit • FHA 203k Rehab • FHA Mortgage • First-Time Homebuyer • Foreclosure • Homebuyer Seminars • Maryland • Underwriting Guidelines • VA Mortgage

About the author

Bill Sohan

Bill Sohan is a Baltimore Mortgage Lender. He specializes in First-Time Home Buyer loans, Conventional, FHA, FHA 203K. FHA Streamlines, USDA Rural Home Loans, VA 100% Financing. For more information about Maryland home mortgages, please contact me at 410-963-2308

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