On December 2, 2009 HUD Secretary Shaun Donovan spoke at a hearing before the House Committee on Finance. I will summarize his proposed changes for FHA.
Understand that at this point, it is just a proposal, however, I do believe that some of these changes will transpire.
Reduce seller concessions to 3% (now at 6%)
Raise the minimum FICO score
Increase the minimum down payment
Increase to the upfront mortgage insurance premium
Require lender’s to have more “skin in the game” holding them more financially accountable for their origination quality.
For more questions contact me
Karen Heston, Mortgage Banker
Bank of Oklahoma, NA
7060 S Yale, Suite 100
Tulsa OK, 74136
918.488.7353 \ Phone
918-280.3390 \ Fax
kheston@bokf.com \ Email
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