FHA Proposed Changes

Currently FHA has an open comment period on considering changing some of the basic parameters for it’s mortgage loans.  For one, they are considering reducing the amount seller’s contribute to closing costs (seller’s concession) to 3% which would mean buyers would need to come up with the remaining monetary amount of these funds.  Additionally, enforcing credit score minimums of 500 to 580 depending on the loan to value ratio is also being considered.  The comment period runs through August 12th.  Any changes will likely not go into effect until October of 2010.

We’ll keep you posted on any changes we hear along the way.

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