FHA CHANGES A DONE DEAL

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In prior blogs, I have mentioned that changes are coming to FHA Loans....

Now it looks like some of these changes are a done deal.

They include:

*Mortgage insurance fees will increase from 1.75% to 2.25%.
*Seller concessions will also be reduced from 6% to 3%

When will you see these changes come into effect?

*The upfront MIP increase will become effective with all FHA loans assigned from April 5, 2010 and beyond.
*There is no official word on when the seller concession change will start.