The mortgage industry is in a constant state of change
right now for many good reason. It is difficult at best to keep up
with all the changes.
This page will cover the FHA changes as they come about. I know
that David H. Stevens, Assistant Secretary for Housing-Federal Housing
Commissioner, has more changes planned for the future.
There are several other changes that will be posted in the next few
days so we can get everything up to date. You may want to return
as time goes on.
Updates
FHA has waived their 90 day Property Flipping Rule
for one year
beginning February 1st, 2010. Property
Flipping
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I spoke of more changes in the future. FHA Commissioner David
Stevens is considering:
- Raising the minimum down payment
- Establishing a minimum credit score
- Increasing the cost of mortgage insurance
- Decreasing the amount the seller can kick in
Read this article put out by the Wall Street Journal. FHA
Future Changes
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Details of the extension & revision of the Home Buyer Tax Credit
can be seen here. Tax
Credit
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FHA relaxes limit on origination fees. (details will be posted
soon)
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New RESPA guidelines took effect January 1st, 2010. (Details to
follow soon)
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