Read this great post by Karen Cooper on the new FHA changes. Below are some of the highlights:
What changes will be implemented? We announced the following on January 20:
Increase the up-front mortgage insurance premium (MIP) to 2.25%;
Update credit score and down payment requirements for new borrowers;
Reduce seller concessions to three percent, from six percent; and
Implement a series of significant measures aimed at increasing lender enforcement.
Now is the time to buy a home in Ashland or Medford before it gets even harder to get a loan.
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