Besides raising the down payment to a minimum 3.5%, FHA is also tacking on an extra 1.75% in upfront mortgage insurance to borrowers.
But, the good news is that sellers can pay this 1.75% as part of closing costs to reduce money needed from buyers.
*****
HUD has just announced a new mortgage insurance premium structure to take effect on October 1, 2008.Upfront Mortgage Insurance Premiums
- Purchase Money Mortgages and Full-Credit Qualifying Refinances = 1.75 Percent
Blogged with the Flock Browser
Posts
0 comments:
Post a Comment