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As of July 14, 2008 FHA will implement - for the first time in history - credit score driven rules that will dictate the amount of Upfront MIP added to a loan and how much monthly MIP will be added to the house payment.  Upfront Mortgage Insurance premiums will range from 1.25% to 2.25%, based on the credit score.  The monthly MIP will range from .50% to .55%, based on the credit score.  Realtors, if you have potential FHA buyers, you need to get them "off the fence" so their loans are registered and locked before these changes occur.

 
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2 Comments on Don't forget the upcoming changes in FHA!

One should be rewarded for a better credit rating. FHA should also consider higher MI for DPA users.

06/28/2008 12:31 PM by Atlanta GA Georgia New Homes, Incentives, Discounts, Buyer Bonus (Realty Professionals)

Just because a buyer needs assistance with a down payment does not mean they should be penalized!  I work with many first time home buyers that have excellent credit but just don't have extra funds for the down payment, such as a law student I'm working with now.  Other times a buyer has been very frugle with debt and either has no credit scores or very, very little because they don't want debt.  These types of buyers should not be penalized because they have little or no credit history!  Neither should someone with excellent credit be penalized, but due to college or just starting their careers, don't have down payment funds.  FHA and DPA are not just "hand-outs".  There are plenty of other organizations and institutions out there for that. 

06/28/2008 03:08 PM by Palmetto South Mortgage Corporation

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Mortgage Company: Palmetto South Mortgage Corporation
Eugenia Bambas
Columbia, SC
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Palmetto South Mortgage Corporation

Office Phone: (803) 791-9790 Ext.: 118
Cell Phone: (803) 447-1224
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Descriptions of home loan programs, changes in these programs, and hopefully helpful information for the buyer, seller, and Realtor. Also included, some success stories and challenges overcome in the my world of lending.


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