| FHA hiking premiums this spring |
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Beginning early this summer, borrowers with credit scores below 580 will be required to make downpayments of at least 10 percent in order to participate in FHA's mortgage insurance program. This spring the upfront mortgage insurance premiums for all FHA borrowers will be raised to 2.25 percent, up from 1.75 percent.
The increase is an attempt to help build FHA capital reserves back to statutory minimums as well as bring back private lending, says FHA Commissioner David Stevens.
Read more at Inman News.
Posted on January 20, 2010 16:24:56 by  IPTV.Boyz
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