Keller Williams Realty Atlanta – Peachtree Road

Real Estate Legal Tip

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New Changes To FHA Financing

FHA has recently announced significant changes to FHA loans:
 
1.     The initial upfront MIP will increase from 1.75% to 2.25%, effective for any FHA case numbers issued starting on April 5, 2010.
 
2.     The holding period of 90 days for a seller (to an FHA purchaser) has been waived for contracts executed on or after February 1, 2010.            This applies to foreclosures and investors (still reviewed on a case-by-case basis).
 
The following changes will go into effect in the summer of 2010, because they must go through an official approval process, including publication in the Federal Register:
 
1.     Borrowers will need a minimum credit score of 580 to qualify for the maximum loan percentage with only 3.5% down.
 
2.     Borrowers with less than a 580 credit score will be limited to a maximum of 90% financing (10% down).
 
3.     Seller concessions will be limited to 3%.
 
 
 
 
Presented by Leigh Clack, Attorney
Neel & Robinson Attorneys at Law, LLC
22 Lenox Pointe, Atlanta, GA 30324
lenox@neelandrobinson.com
404-705-3690    fax  404-705-3697

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Choosing A Settlement Agent When Buying A Fannie Mae Property

KW Atlanta Legal Tip: Georgia 2010 Filing Deadlines Coming Soon!

Due Diligence When Buying a Condo, Townhome or In a Planned Community

 Try To Avoid Credits & Allowances!

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 First-Time Home Buyer’s Tax Credit – Don’t Wait Till The Last Minute!

 Buying Property From The Bank: Tips For Buyers

Waiting Periods Required Under New Truth in Lending Law

  Termite Letters – Still a Good Idea

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