Tuesday, January 26, 2010

Home Buyer Changes - FHA

On Jan. 20, 2010, HUD issued a press release with regard to FHA lending changes. It addresses risk and the strengthening of finances. One major change, as shown below, states:

- New borrowers will now be required to have a minimum FICO score of 580 to qualify for FHA’s 3.5% down payment program.

- New borrowers with less than a 580 FICO score will be required to put down at least 10%.

For more info contact your lender or get a great referral from Sibcy Cline Realtor Michelle Sloan.

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