Keller Williams Realty Atlanta – Peachtree Road
Real Estate Legal Tip
Presented By:
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
More Legal Tips From KW Atlanta:
Quit Claim Deeds & Owner Title Insurance
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!
Special Issues with Buying/Selling Condominiums
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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